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

Zappy

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

Kris_Williams

this will affect your BAS to start with, and Profit & Loss reports. As far as the BAS goes it will result in unclaimed GST.

Rubberman1Hosted

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?

Kris_Williams

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

Zappy

@Kris_Williams

EXCEPT the bill is still there

Rubberman1Hosted

@Zappy Thank you for your response, I will surely connect if required.

Zappy

@Rubberman1Hosted

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

Rubberman1Hosted

@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 ?

Zappy

@Rubberman1Hosted

You cannot

You'd need to delete the bill and reallocate it

Long winded

Expensive

Dont do it

We will get this sorted

Zappy

Kris_Williams

Sorry, actually you are correct @Rubberman1Hosted i wasn’t thinking that it was a bill payment and not just a cheque. Yes enter the bills then go back to the bill payment and tick the bill down the bottom of the window

Kris_Williams

there are no bills entered only Bill Payments

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