Hi there, @Mark343.
Allow me to help you close them out and clear your accounts payables and receivables. You can create a general journal entry to write off the amount. Make sure to consult your accounting professional before trying any of these options.
Here's how:
Start with opening a Journal:
- From the Company menu, select Make General Journal Entries.
- In the Make General Journal Entries window, change the date and fill in the entry number if necessary.
For a customer with an overpayment:
- Choose the Account field and select Accounts Receivable from the dropdown list.
- Input the amount under the Debit column, tab to the Name column, and choose a Customer Name from the dropdown list.
- In the next line, choose the offset account and input the amount under the Credit column. The offset account is usually an Expense account.
- Select Save and Close.
For suppliers with overpayment:
- Choose the Account field and select Accounts Payable from the dropdown list.
- Input the amount under the Credit column, tab to the Name column, and Choose the supplier name from the dropdown list.
- In the next line, choose the offset account and enter the amount under the Debit column.
- Select Save and Close.
For more info, here's an article on ways to remove the amounts: Write off customer and supplier balances.
Additionally, I'd like to leave this article to know how to enter a prior balance for a customer that owes you money or a supplier you need to pay: Manage outstanding balances for customers and suppliers in QuickBooks Online.
If you need more guidance about managing your clearing off your accounts receivables and payables or other QuickBooks products, don't hesitate to reply. I'm always around to help!
