Incorrect balance on Supplier Balance Summary
Hello,
My accountant has let me know that all supplier balances are organized, and they should reflect a 0 balance.
However, when I generate the Supplier Balance summary report, it shows -41664.13.When I check the suppliers, they all display a negative balance.
This suggests that payments have been made without entering the corresponding bills.In the Supplier center, I see some 'Bill pmt - Cheque' entries (which are created when we pay against a bill) that are not linked to any bill and are marked as cleared.
I have also verified that I made those payments in the bank statement.
To resolve this, can I create bills for the same amount so that the supplier balance can reach 0? If I do this for all suppliers, will the supplier balance report then show a 0 amount?
What effect will this have on my accounting and reports?Should I proceed with this?
Comments
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Your creditor balances will be wrong
So will the expenses / cost of sales
Go back and allocate the payments properly
Call me if you get stuck
Zappy 0407 744 914
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this will affect your BAS to start with, and Profit & Loss reports. As far as the BAS goes it will result in unclaimed GST.
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Can I cancel the cheque payment if it has been cleared and then enter bill and apply the paymnet?
or Do I just creat a bill to match the payment?
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You could leave the cheque and allocate to the expense account instead of accounts payable, putting in the correct tax code, this will have the same result with GST to be claimed back
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@Zappy Thank you for your response, I will surely connect if required.
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Stop looking for shortcuts
You'll only dig a deeper hole for yourself
Go back to the backup prior to the mix up and import the statement data off the qif file and allocate it properly this time
Like I said
Call me any time
Kr
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@Kris_Williams
Could you please share an example. You can check my example below :
I have a Supplier where all bills are paid but there is a Bill payment cheque created on 27/03/2017.
How could I leave the cheque and allocate to the expense account instead of accounts payable ?
Should I create a Bill ( But it will always go to accounts payable) ?
Should I edit the Bill payment cheque, and instead of items, allocate it to expense accounts ?0
