Let's investigate together what's causing the discrepancies in the vendor balance report, candacemench.
The most common cause of an incorrect vendor balance is a transaction error. Another possible reason could be the vendor transactions were modified or edited. For us to find out where an error may have occurred, we can create a Vendor Balance Detail report. Let me show you how:
- Go to the Vendors menu.
- Choose Vendor Center.
- From the Vendors list, select the vendor then go to the Transactions tab on the right.
- Tap the Show drop-down then choose Balance Details.
- Use the Filter by and Date drop-down arrows to narrow the transaction list further.
- 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. To troubleshoot this one, just follow the steps and details in this article: Bill shows as unpaid after writing a check in QuickBooks Desktop.
However, if the balance is too low, you may have entered the wrong amount in a transaction. To resolve this one,. we'll need to find the bill or bill payment in the Vendor Balance Detail report and edit it.
Also, you may have small balances that are the result of an error, an overpayment, or an underpayment. It would cost more time and materials to collect or pay the amount due than it would be to clear it from your accounts. Here's an article you can refer to for more details about writing off customer and vendor balances. Before doing this, make sure to consult your accounting professional before trying any of these options.
For more tips and other resources, you may visit our page in managing your business in QuickBooks: QuickBooks Desktop for Self-help articles.
I'll be right here to continue helping if you have any other concerns or questions about QuickBooks. Assistance is just a post away. Take care always.
