We already know what QB recommends simply by the way QuickBooks is setup. Please tell us if (and how) it can be done. That was the question. There are MANY legit reasons for needing this - One example is reporting requirements for many franchise companies who have to make monthly reports to their HQ. That is my clients' circumstance. So rather than manually breakout the "inventory" payables and "other" payables, wouldn't it be nice if QB could do it for us? ...even if QB doesn't recommend it (the corporate world doesn't give a hoot about what QB recommends, it expects QB to fit it's needs.).
Yes, you can create a separate Accounts Payable in QuickBooks Online, but you need to transfer the amounts to another account manually. It is because the system will automatically track your bill transactions to the default AP account.
To transfer it manually, you'll need to use a Journal Entry. I recommend consulting an accountant on what specific accounts to use recording the transaction to ensure the accuracy of your books. For the detailed steps and a video tutorial about this, you can click the following link: Create a journal entry.
We listen to customers’ ideas and suggestions as it contributes significantly to developing product enhancements. You can always visit the QuickBooks Blogsite to check the latest feature added to the application.
Let me know if you have any questions by adding a comment below. Wishing you and your business success.
Thank you for your response. I assume what you wrote translates to QB Desktop. The question was really in reference to if the program QB allowed it to be done in a easier fashion than tallying the entries exported to Excel for each category. It does not. The act of preparing the amounts for a journal entry is the identical work I was trying to find a more automated solution to. If QB can't make the process easier, then the original question becomes moot.