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Level 3

Balance Sheet: Accounts Payable

When listing the accounts payable line item in the Balance Sheet - What if at the point when preparing the report I still don't know the amount of the outstanding invoices that my vendors will be issuing. It happens in my case as the invoices are based on the previous cycle performance/consumption and only few weeks into the following month the various vendors issue the invoice. During the waiting time I can not tell and/or estimate the final number.
What should I do in such scenario?

1 Comment
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Community Champion

Balance Sheet: Accounts Payable

Until the point in time your vendor issues an invoice and you enter it as a bill you have no activity in accounts payable. That account is populated only when you enter bills. Do nothing until you have invoice in hand

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