I appreciate you for providing us in-depth details in balancing the Accounts Payable (A/P) in QuickBooks, GolfNut72.
If you'll want to clear the previous balances on your A/P account in QuickBooks, we can use the Journal Entry feature. While for the offset account, It would best to consult your accountant about this one.
Once you have the information you need, here's how to create a clearing account:
- Click Lists, then go to Chart of Accounts.
- Click Account, then choose New.
- Choose Bank, then click Continue.
- Enter the desired name (example: clearing account).
- Click Save & Close.
Then, create a Journal entry and choose the clearing account you've created in the Account field.
To apply the entry to the existing balance, just tap the Set Credits option. Let me show you how:
- Click Vendors/Suppliers.
- Choose Vendor Center/Supplier Center.
- Select the supplier, then look for the bill.
- Open the bill, then click Pay Bill.
- Click Set Credits, then you'll find the journal entry in the Credits tab.
- Choose it, then click Done.
- Press Pay Selected Bills.
For more details about A/P, refer to this article: Accounts Payable workflows in QuickBooks Desktop.
On the other hand, you can run the Transaction List by Vendor reports. This provides you all the transactions created for vendors and payables.
Just go to Reports on the top menu. Then, choose Vendors and Payables and click the Transaction List by Vendor. See Customize vendor reports article for more details about customizing the report.
Visit our Reconciliation page for more insights about reconciling your accounts in QuickBooks.
That should point you out in the right direction. I'm just one click away if you need anything else in QuickBooks.Have a great day ahead.
