Hello there, @MelanieS4. I'm here to ensure you'll be able to clear the transaction in your Accounts Payable Aging report. Follow along below to get this done right away.
First off, let me discuss some information about the task.
In QuickBooks Online (QBO), you can clear the payables by making a journal entry and applying it to the existing balance. This process can be a little tricky so I recommend consulting your accountant for guidance. This is to ensure that you select the correct account to avoid messing up your books. Here's how:
- In your QBO company file, click the +New button and choose Journal Entry.
- Next, from the Journal Entry window select the correct date.
- Under the Account field choose Accounts Payable from the drop-down list.
- Then, enter the amount in the Debit field.
- Next, select the name of the vendor from the drop-down list.
- In the second line, select the off-setting or the clearing account in the Account field. Here's how you can create one.
- Input the amount in the Credit column.
- Once done, click Save & Close.
After that, you're now ready to apply the journal entry to the existing balance:
- Navigate to the Expenses menu and choose Vendors.
- Next, click on the vendor's name, and look for the bill to pay it.
- Then, select the Make Payment button. When the Bill Payment window opens you'll see the journal entry under the Credits section.
- Select the bill and the journal entry to link them.
- Once done, click Save & Close.
Once everything is fine, you might want to check this article to serves as your guide in reconciling your accounts smoothly: Reconcile an account in QuickBooks Online.
I'd love to know how this goes. If there’s anything else you need about managing your accounts payable in QuickBooks, feel free to post a comment below. I’d be more than happy to assist you. Take care and keep safe.
