How to clear Account Payable balance

Forum|Forum|7 years ago
December 24, 2018
6 replies
26 views

Hi ,

I am trying to sort out a Quickbooks 2003 file that has some inconsistency. Looking at the suppliers or in the account list (ledgers) all balances are zeroing. However in the (trial) balance there is an amount visible on accounts payable euro. Could find that something strange happened with a few payments back in 2013. The euro amount seems somehow to be used where the usd should have been used. That is only visible in trialbalance or balance.

Somehow the system stores or calculates this values is values in more than one unique way! It is even possible to create a report from acc pay EU from different starting points and see either the correct amount in the USD plumb or the wrong one. All depending if you work to the report from starting at suppliers or from trialbalance.

Verify data ok, rebuild data done! Looks really like a QB error “!

Deleting these bills (even tracing them all is very hard) and redoing them in 2013 is not a great option (all these years accountant “swallowed” this error and would like to keep a match there). I am looking for a way to correct this strange error so that all suppliers keeps 0 balance, accounts payable EU register keeps zero balance AND trial balance amount becomes also zero,

Any body a good idea? Would really be appreciated!

Kristine Mae

Moderator

Hello there, John20.

Using the verify/rebuild utility tool is a good way for us to isolate the issue. I appreciate you doing the troubleshooting step before reaching out to us.

Going to your concern, you can create a journal entry to offset the Accounts Payable amount.

Here's how you can do it:

Click the Accountant menu.
Choose Make General Journal Entries.
Fill in the necessary fields.
Click Save & Close.

As always, we recommend conferring with your accountant on the best way to categorize the accounts.

Reach out to me if you need further assistance. While I can't provide an accounting advice, I want to make sure any technical questions you have about the software are answered. Happy holidays!

A

Anonymous

Hi Kristine,

That was an idea I also tested already, but the result is that indeed the trial balance is indeed corrected, BUT the rest is off. In my case correcting it with 229,41 USD in a General Journal results in:

In Accounts: Accounts Payable Euro showing then - 229,41

In Suppliers: the choose one in the General Journal is showing then -229,41

So . . . correct one get two wrong, that is not a good deal.

What I need to find is somehow the way to "reconcile" stuff, so that Accounts Payable Euro ledger=0, Supplier=0 and Accounts Payable in trialbalance=0. Somehow this match is gone and neither verify notices it nor rebuild corrects it!

Somewhere there must be an option to establish a reconciled situation again . . .

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