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Hello Quickbooks support team,
From time to time, supplier requested deposit payment before we issued a PO. Normally we input such transactions as follows: By Journal entry. Cr Bank account, Dr Supplier account.
However, after we created the PO and Bill, we are not sure how to revert the entries: the bill is showed as unpaid, although in balance sheet: account payable is updated. We have reconciled the bank account therefore cannot go back and edit the transactions.
Thank you very much for your advice and assistance.
Jacky
Go to Pay bills (New > Pay bills). You should see both the credit created by the journal entry (the A/P debit) as well as the bill. Apply the credit to the bill and then pay the balance when it's due.
Thanks @Rainflurry
I opened create new pay bills, but cannot see the credit created by journal entry. Attached screen caps for your reference. In fact the invoice amount highlighted are already settled by (deposit by Journal entry and balance by Bills payment). But this invoice still showed as overdue. In balance sheet, it is no more due under this supplier account, which is correct.
Kindly advise. Thanks a lot.
Regards,
Jacky
Is it possible the A/P account that was used in the journal entry (Accounts Payable (A/P) - Euro) is not QB's default A/P account? Only journal entries posted to the default A/P account will show as available credits when you go to Pay bills.
Hello @Rainflurry
we used the default A/P account, and the A/P balance amount is correct. All the payments are included (both using Paid Bills or by Journal Entry as deposit). Only the Bill is still showed as unpaid. Please advise. thank you.
Regards,
Jacky
Unfortunately, I have no experience using multi-currency A/P. If I had to guess, the issue is because you used a journal entry and not a vendor credit to post to A/P. Try creating a vendor credit assigned to the same bank account, dated the same as the JE, and see if it shows up when you go to Pay bills. If it does, you can delete the JE. There may be reconciliation discrepancy but since the amount is the same, it should be an easy fix.
Thanks for your advice. I will try to have a look and see if this can adjust our entries. Thank you.
Regards,
Jacky
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