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lexico
Level 1

qbo says i have overdue bills that amount to the incorrect figure. in fact it is thousands above what i actually owe. how do i correct this please

qbo says i have overdue bills that amount to the incorrect figure. in fact it is thousands above what i actually owe. how do i correct this please

1 Comment 1
KimberlyS
QuickBooks Team

qbo says i have overdue bills that amount to the incorrect figure. in fact it is thousands above what i actually owe. how do i correct this please

We can look for unapplied payments and link them to their corresponding bills, lexico. I'll discuss this matter thoroughly to help keep your book accurate.

 

In QuickBooks Online (QBO), unapplied payments can cause the amount of your overdue bills to be higher than what you owe. We can locate them by running the Supplier Balance Detail report.

 

Here's how:

 

  1. Head to Reports in the left pane.
  2. Use the search field in the Standard reports tab to find and open the Supplier Balance Detail report.
  3. Choose a Report period and click Run report.
  4. Examine the data to identify any payments that are still unapplied.

 

Supplier Balance Detail report.jpg

 

After that, proceed to these steps to apply these payments to the appropriate bills:

 

  1. Choose Expenses, then the Expenses tab.
  2. In the All transactions dropdown, pick Bill payment.
  3. Use the Filter to narrow down the results.
  4. Look for the unapplied payment and click View/Edit in the action column.
  5. Once in the Bill Payment screen, select the bill from the Outstanding Transactions section.
  6. Hit Save and close.

 

Apply unapplied Payments.jpg

 

For more information on fixing accounts payable balances from suppliers, refer to this article: Resolve accounts receivable or accounts payable balances on a cash basis balance sheet in QuickBooks....

 

Moreover, reconcile your accounts regularly for precise reporting when tracking your cash flow. It also ensures your entries in QBO match your actual statements.

 

By following the instructions above, you'll be able to correct the discrepancies in your financial record. Get back to this thread if you have additional questions or other concerns related to QuickBooks Online. We've got your back!