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usershashikant-saitw
Level 1

Opening balances of Suppliers were carried forward through Journal debiting Opening Balance equity. But the balances are not reflected in suppliers ledger.

 
1 Comment 1
JenoP
Moderator

Opening balances of Suppliers were carried forward through Journal debiting Opening Balance equity. But the balances are not reflected in suppliers ledger.

Hi there, usershashikant-saitw.

 

Can you tell us what account was used in the Journal Entry? The Accounts Payable account is usually used to put or increase a balance in the supplier's account when creating a Journal Entry. You can open the entry that you've made and review the accounts that are used.

 

Here's how:

 

  1. Go to the Reports menu and look for Journal.
  2. Change the Report period to the date of the of the journal entry.
  3. Look for the transaction and click on it. 
  4. Review the details and make the necessary adjustments if the account used are incorrect.
  5. Click Save.

Aside from that, you can also go to the supplier's profile and enter the balance from there. Here's how: 

 

  1. Go to the Expenses menu and select Vendors or Suppliers.
  2. Look for the name of the supplier and click on it.
  3. Proceed to the Vendor Details tab and click Edit.
  4. Go to the Opening Balance field, then enter the opening balance.
  5. Enter the date in the As of field.
  6. Click Save

Let me also share this article with you for additional when preparing your year-end tasks: QuickBooks Online Year-end Guide And Checklist.

 

Don't hesitate to reach out to us again if you need anything else. 

 

vendor balance.PNGvendor balance2.PNG