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vickydubuc
Level 1

Remove old bills and journal entry from a closed period

When I go to Unpaid Bills Report, I see some vendors with old bills still pending from last year (which is closed). The last bookkeeper used a journal entry to offset that bill amount. But when I open the unpaid bills report, the bill and the journal entry are still there. How can I do to fix this without affecting the books?

Solved
Best answer March 15, 2018

Best Answers
lynda
Community Champion

Remove old bills and journal entry from a closed period

This is the exact reason you do not use journal entries for these types of transactions.  Go to vendor>pay bills (use a  current fiscal period date) and click off the check and apply the “credit” created by the journal entry to clear them.

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11 Comments
lynda
Community Champion

Remove old bills and journal entry from a closed period

This is the exact reason you do not use journal entries for these types of transactions.  Go to vendor>pay bills (use a  current fiscal period date) and click off the check and apply the “credit” created by the journal entry to clear them.

View solution in original post

capricekrow
Level 1

Remove old bills and journal entry from a closed period

Please explain how to remove an old bill from a closed period? It was a duplicate and not caught prior to closing.

Anonymous
Not applicable

Remove old bills and journal entry from a closed period

Hey there, @capricekrow,

 

I appreciate your time checking this with the Community. I can share some insights about deleting old bills from a closed period.

 

Deleting a duplicate vendor transaction, considering you have filed your taxes, affects your financial reports and your inventory.

 

This action requires adjusting your inventories and filing amended returns to your agency. Before doing so, we always recommend getting in touch with an accounting professional to get help fixing your books.

 

Additionally, you can create a credit memo for the vendor then apply them to clear the old bills. This way you no longer need to delete or void past transactions.

 

Please mention me on this post with if you need further assistance. I look forward to hearing from you.

Brittany8
Level 1

Remove old bills and journal entry from a closed period

I have a bunch of unused credits and unapplied or duplicate bills from a closed tax year. Previous employers have had me just create an invoice to match the amount of credits (or vice-versa) to clear them.

 

Wouldn't this then affect our financial reports/expenses for this current year we are in?

Rose-A
Moderator

Remove old bills and journal entry from a closed period

Hey there, Brittany8.

 

This will depend on the accounting method and date you use on the transactions. However, these will affect your financial reports/expenses since these are posting transactions.

 

I'd suggest consulting an accountant. Your accountant can provide more expert ways of dealing with this situation.

 

You may find these articles below interesting:

 

I'll be around to help if you need further assistance or if you have additional questions. Have a nice day!

WCADan
Level 1

Remove old bills and journal entry from a closed period

Long shot here.  Prior bookkeeper used A/P to enter bills.  These do not appear in bills so they cannot be cleared from the detailed listing.  Suggestions?

JasroV
QuickBooks Team

Remove old bills and journal entry from a closed period

Hi there, @WCADan.

 

The Journal Entry (JE) that is associated with Accounts Payable A/P will not show up in the Bills. However, it'll show up in your A/P aging reports.

 

To open an A/P aging report in your QuicBooks Desktop (QBDT):

  1. Go to the Reports menu.
  2. Select Vendors & Payable, then A/P Aging Summary (optional: A/P Aging Details).

You might want to check this article that can guide you on how to customize reports to see the information you need: Customize reports in QuickBooks Desktop.

 

Then to close those JE under your A/P account, you'll want to check the vendor name to link them and create a JE to close these open A/P account.  Here's how to create a JE in your QBDT software:

  1. Go to the Company menu.
  2. Select Make General Journal Entries.
  3. Fill out the fields to create a JE.
  4. Click Save & Close once done.

For more information on how to use a JE, here's an article you can read for reference: Create a journal entry in QuickBooks Desktop.

 

I'd also suggest getting in touch with your accountant for guidance in creating a JE since this needs to select two (2) accounts. 

 

You might also want to check this article in case you'll want to remove a credit from an invoice.

 

I'll be around if you have other questions or concerns. We're always here to help.

cscharlesiv
Level 2

Remove old bills and journal entry from a closed period

I happen to agree with not using journal entries... alas... I'm inheriting this particular problem.... in my case both the bill and the payment were entered as journal entries 3 years ago.... and both the bill and the payment keep apearing on the unpaid bills report. any idea how to fix? 

ReymondO
QuickBooks Team

Remove old bills and journal entry from a closed period

I'll help you fix this one, @cscharlesiv.

 

Since you use Accounts Payable when entering these transactions in QuickBooks Desktop (QBDT), it will be listed in the Unpaid Bills Details reports. However, I can provide you two options on how to fix it.

 

First, we can delete these journal entries and manually create the bill and the bill payment in QuickBooks. 

 

The other one is to create another journal entries to offset these transactions. Although, I highly suggest reaching to your accountant before creating offsetting entries. This way. they can guide you on what accounts you should use to offset the bill and bill payment.

 

You can also use the Vendor Balance Detail report to view the transactions that make up your current balance with each vendor. Just go to Reports and select Vendors & Payables. Then, click the Vendor Balance Detail. You can customize this report to easily review your transaction, too. 

 

That's it! Please let me know if there's anything else I can do to be of assistance. Wishing you and your business continued success in all that you do

cscharlesiv
Level 2

Remove old bills and journal entry from a closed period

Thanks very much for responding! actually I was in fact able to follow the previous solution.... I went as if to pay the bills and the other journal entries appeared as vendor credits so that worked :). 

Nick_M
QuickBooks Team

Remove old bills and journal entry from a closed period

Hi cscharlesiv. 

 

Glad to hear you were able to figure it out!. If you need anything else, feel free to post down below. 

 

Thanks for dropping by and have a lovely weekend. 

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