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andrea36
Level 1

I'm having some trouble with our vedors, it seems that external vendor liabilities are entered as intercompany liabilities. Where can I update G/L accounts for vendors?

 
Solved
Best answer February 13, 2020

Best Answers
Jen_D
Moderator

I'm having some trouble with our vedors, it seems that external vendor liabilities are entered as intercompany liabilities. Where can I update G/L accounts for vendors?

Glad to have you back here, @andrea36,

 

I can share further insights about the Accounts Payable posting of your bills.

 

QuickBooks is using one default Accounts Payable (A/P) account for bills. Which is why we're unable to assign a different A/P for a different group of expenses.

 

As a workaround, you must transfer the funds between A/P accounts using journal entries. Here's how:

 

  1. Click the (+) New icon and select Journal Entry below the Other section.
  2. Debit the account you want to remove the balance. Example: 2460-Accounts Payables Intercompany.
  3. Credit the A/P you want to transfer the balance to. Example: 2440-Accounts Payables.

 

I know how beneficial it is to have this option in our program to track different expenses accurately. I'll make sure to relay this idea to our developers for review.

 

If you have any questions, let me know in the comment. I'll be right here to provide further assistance and insights. Have a nice day!

View solution in original post

7 Comments
Rea_M
QuickBooks Team

I'm having some trouble with our vedors, it seems that external vendor liabilities are entered as intercompany liabilities. Where can I update G/L accounts for vendors?

Hello there, andrea36.

 

Let's run the Transaction List by Vendor report so you can update G/L accounts for your vendors. I'll guide you how.

 

  1. Go to the Reports menu.
  2. Type Vendor in the search box, then select Transaction List by Vendor.
  3. Select the Customize button.
  4. Set the Report period under the General section.
  5. Under the Filter section, check the Account box and choose the appropriate account from the drop-down.
  6. Click Run report.

 

I've attached screenshots below for your reference.

 

18 Transaction List by Vendor.PNG 19.PNG

 

Once done, select each transaction to manually update the G/L account as seen in the screenshot below. Then, click the Save and close button to save the changes made. Repeat the process above for other transactions.

 

20.PNG

 

When you're ready to pay your vendor liabilities, you can record them through Pay bills or checks from the + New menu. You can refer to this article for the detailed steps: Enter and pay bills.

 

Please let me know if you have other concerns. I'm just around to help.

andrea36
Level 1

I'm having some trouble with our vedors, it seems that external vendor liabilities are entered as intercompany liabilities. Where can I update G/L accounts for vendors?

Thank you for the fast reply. I really appreciate the screen shots and the support. However, i'm not looking to change to cost account rather the balance Account for Liabilities. Attached screen shots. Please advise so that we can correct this and have correct balances moving forward :)

 

Best,

Andrea

Tori B
QuickBooks Team

I'm having some trouble with our vedors, it seems that external vendor liabilities are entered as intercompany liabilities. Where can I update G/L accounts for vendors?

Good morning, @andrea36.

 

Thank you for replying back to this thread. I'm here to help you.

 

I checked out the screenshot you provided, from my understanding, do you want to change the payment account on the transactions? If so, here's how you can do that:

 

1. Open the Expense you wish to change the account type on.

2. At the top under Payment account choose the correct account.

3. Click Save and new or Save and close.

 

However, if this is not what you're looking for, please reply to this thread. I'll get to the bottom of this to get you back to business. Thank you for reaching out. Take care!

andrea36
Level 1

I'm having some trouble with our vedors, it seems that external vendor liabilities are entered as intercompany liabilities. Where can I update G/L accounts for vendors?

Hi Tori, Thanks for your reply. Unfortunatly this does not concern the payment account. This concerns the liability balance account called 2460-Accounts Payables Intercompany

Since most of our vendors are external parties, the invoice should be entered as external vendor liability with account 2440-Accounts Payables. How do I update this? 
Best,
Andrea 
andrea36
Level 1

I'm having some trouble with our vedors, it seems that external vendor liabilities are entered as intercompany liabilities. Where can I update G/L accounts for vendors?

Hi Tori, Thanks for your reply Unfortunatly this does not concern the payment account. This concerns the liability balance account called 2460-Accounts Payables Intercompany Since most of our vendors are external parties, the invoice should be entered as external vendor liability with account 2440-Accounts Payables. How do I update this? Best, Andrea
andrea36
Level 1

I'm having some trouble with our vedors, it seems that external vendor liabilities are entered as intercompany liabilities. Where can I update G/L accounts for vendors?

Hi Tori, 

Thank you for your quick reply. 

I'm not looking to change the payment account nor the payment method. I'm trying to change the balance account for liabilities (Account 24XX) In this case, our external vendor bills are posted as an Intercompany liability on account 2460 which is incorrect. For some of the invoices received in January and February we'll need to change this to 2440 instead. Can you please advise on how we can correct it?

 

Many thanks 

 

Best

Andrea

 

 

Jen_D
Moderator

I'm having some trouble with our vedors, it seems that external vendor liabilities are entered as intercompany liabilities. Where can I update G/L accounts for vendors?

Glad to have you back here, @andrea36,

 

I can share further insights about the Accounts Payable posting of your bills.

 

QuickBooks is using one default Accounts Payable (A/P) account for bills. Which is why we're unable to assign a different A/P for a different group of expenses.

 

As a workaround, you must transfer the funds between A/P accounts using journal entries. Here's how:

 

  1. Click the (+) New icon and select Journal Entry below the Other section.
  2. Debit the account you want to remove the balance. Example: 2460-Accounts Payables Intercompany.
  3. Credit the A/P you want to transfer the balance to. Example: 2440-Accounts Payables.

 

I know how beneficial it is to have this option in our program to track different expenses accurately. I'll make sure to relay this idea to our developers for review.

 

If you have any questions, let me know in the comment. I'll be right here to provide further assistance and insights. Have a nice day!

View solution in original post

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