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Hi All-
Hopefully, I gave someone out there enough to work with.
Thanks for your help
Hi, 2robertc. I'm here to assist you with the help you require.
You can write off your vendor balance to remove the amount by creating a journal entry or using a discount to write off amounts. But before doing so, I suggest consulting your accountant to ensure the accuracy of your account.
To create a journal entry, follow these steps:
You can also visit this article for more detailed information on clearing the amounts of your vendor: Write off customer and vendor balances.
Additionally, for future reference, you can find best practices for reconciling your account in this article: Reconcile an account in QuickBooks Desktop. It also offers guidance on overcoming challenges during the reconciliation process.
Feel free to reach out to the Community if you need further assistance, 2robertc. We're here to help.
Supplier Credit
1) Create supplier credit for 60.01
2) Use same category and sales tax code as the initial Bill
3) Click Mark as Paid on the outstanding bill
4) Select newly created credit if not already selected
5) The bill payment total should be zero
6) Save and Close
Hi- Thank you outlining those steps and yes I am able to get the bill payment to Zero, but I'm also left with a P&L entry in 2024. I don't want to book the credit in 2023 because that period is closed. I have a feeling I'm going to have to create a write-off expense account to make it work.
Don't worry about the negative P&L entry in 2024. It's normal. Doing a write off is not the correct way because it's not a write-off, you received a credit. If you look from vendor's perspective, they would have raised a sales tax credit on their side for 2024 not 2023.
If you really don't like a single negative amount in one of your categories just do a journal entry to hide it under similar category.
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