Customer has fully paid/Our company has fully paid to suppliers but QB still puts them under A/R and A/P respectively?

Hi Skellytonne,

QuickBooks will display data in reports based on how a user entered it.

I will guide you to check why you still have A/R and A/P balances on your Balance Sheet, knowing that your customers have paid, and your business has also paid your vendors.

To start, please make sure your report has the correct date range. Then, click the values ​​in the A/R and A/P accounts to see which transactions caused the balance and to verify whether they are real or entered mistakenly.

Please let us know what you'll find out. I recommend not deleting or modifying any transactions without knowing what they are for.

Hello, Jess.

I appreciate the quick response.

My A/R and A/P values in the balance sheet are the same regardless of the date range (i.e.: "This Year to-date", "Last Month" etc.). Upon clicking on the Transaction Report of these Accounts, I can see a value lower than the one stated in the Balance Sheet. All of the transactions are intentionally entered in these charts, but I am still unsure as to why my A/R and A/P are higher than it should be.

Thanks for getting back to us, Skellytonne.

To get this sorted out, I'd suggest getting in touch with your accountant to help you review your transactions. Your accountant can provide more expert advice regarding an accounting perspective.

Doing so will help you ensure the accuracy of your financial records. Additionally, I recommend customizing the report to get the specific details you need. You can also memorize it to save its current customization settings. It serves as your record and helps you quickly access it for future use.

I'll be around to help if you need additional assistance. Just hit the reply button below. Have a good one.