What do you do with a open balance transaction in the vendor Information view?

mikeshick · ‎February 03, 2022

Certain transactions in my vendors Information page show open balance. Is this ok? What should I do?

For one vendor, I wrote a check but it wasn't for a bill, so it says open balance.

Some vendors are paid for by credit card, ie. a store purchase where I didn't enter a bill, that transaction has an open balance.

Does that matter? Should I do something to make that open balance zero?

Rainflurry · ‎February 03, 2022

You should have a negative open balance if you have a credit with the vendor. If it's a positive balance, then you have an outstanding balance you owe. It sounds like you have balances when you don't owe or are owed anything, yes?

When you wrote the check to the vendor that wasn't for a bill, what was it for?

Credit card charges should be entered as credit card charges (Banking>Enter Credit Card Charges) and assigned to the appropriate expense or asset account. Those charges should not impact your vendor balances unless you're choosing account payable as the expense account.

mikeshick · ‎February 08, 2022

Please see my related post here, if you don't mind:
https://quickbooks.intuit.com/learn-support/en-us/account-management/vendor-credit-without-reducing-...

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What do you do with a open balance transaction in the vendor Information view?

What do you do with a open balance transaction in the vendor Information view?

What do you do with a open balance transaction in the vendor Information view?

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