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I need a walk through how to clear my A/P aging summary.

i need a walk through how to clear my A/P aging summary.
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QuickBooks Team

Re: I need a walk through how to clear my A/P aging summary.

Hello there, @Jmp17.

 

I'd be happy to lend a helping hand to walk you through in clearing out your A/P aging summary in QuickBooks Online.

 

The most efficient way to clear any payables is to pay it off. To do this, you'll need to create journal entries, that includes creating a clearing account. The steps to perform are similar to setting up a bank account in your chart of accounts but without an opening balance.

 

Before doing so, it would still be best to consult with your accountant to ensure the best course of action for your business.

 

Once you're ready, you can follow the steps below to clear off those A/P balances. 

 

First, you'll need to create the appropriate journal entry:

  1. Click the Plus sign (+), at the top.
  2. Choose Journal Entry.
  3. In the Journal Entry window, change the date if necessary.
  4. On the Account Field, choose Creditors from the drop-down list.
  5. Enter the amount in the Debit field.
  6. Tab to the name field and select the Supplier from the drop-down list.
  7. In the next row, choose the off-setting or the clearing account in the Account field.
  8. The amount in the Credit field should be equal to the amount in the Debit field.
  9. Click Save & Close.

After that, you can now apply the entry ti the existing balances:

  1. Go to Expenses, and then choose Suppliers at the top.
  2. Select on the supplier name, and look for the Bill to pay it.
  3. Click the Make Payment button in the top-right corner. When the Bill Payment window opens, the Journal Entry will be under the Credits section.
  4. Select the Bill and the Journal Entry to link them.
  5. Click Save & Close.

This should get you pointed in the right direction. Also, I've added here some references that you can check out about handling the A/P's in QuickBooks Online:

I'm always here anytime you need additional help concerning the A/P account. Just leave a comment below, and we'll take it from there. Have a great day!

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