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RhondaPSL
Level 1

Best way to balance vendor accounts when job costing is attached

Have multiple vendor accounts that have job costing attached but have erroneous balances due.  I could go vendor by vendor (over 350) to repost payments.  Journal entries invalidate the job costing.   Is there a better way? 

2 REPLIES 2
IamjuViel
QuickBooks Team

Best way to balance vendor accounts when job costing is attached

Hello, @RhondaPSL.

 

The most common cause of an incorrect vendor balance is a transaction error. Let's first run the Vendor Balance Detail report to identify the cause of the incorrect vendor balance.

 

To create the Vendor Balance Detail report, here's how:

  1. Go to the Vendors menu.
  2. Choose the Vendor Center.
  3. From the Vendors list, select the vendor.
  4. Go to the Transactions tab on the right.
  5. Select the Show drop-down.
  6. Choose Balance Details.
  7. Use the Filter by and Date drop-down arrows to narrow the transaction list further.
  8. Review the transactions.

If the balance is too high, you may have entered a bill and created a check to pay for it instead of going through the Pay Bills window. You can refer to this article for more detailed steps: Bill shows as unpaid after writing a cheque.

 

If the balance is too low, you may have entered the wrong amount in a transaction. Find the bill or bill payment in the Vendor Balance Detail report then edit it.

 

Also, I'd recommend consulting with your accountant so you'll be guided accurately on the adjustments that you'll make.

 

Keep me posted if you have other questions. I'm always here to help.

 

RhondaPSL
Level 1

Best way to balance vendor accounts when job costing is attached

Thank you for replying..  I just started at this company and there are tons of checks and ACH done that aren't posted but still finding erroneous invoices.   I have left the CPA a message.

 

Thanks again 

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