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 -
You cannot
You'd need to delete the bill and reallocate it
Long winded
Expensive
Dont do it
We will get this sorted
Zappy
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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
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Not necessary
Call me if you'd like me to explain
Lets stick with our plan
It will be FAR easier and much more efficient
Kr
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there are no bills entered only Bill Payments
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This is why I dont recommend bankdata until we have a deep understanding of how it works
Its great if you get the concept but it's not intuitively obvious
The documentation isnt great either
I always recommend clients import a qif first. Its very simple and mimics the bank data process without the cost
Also easier to fix
Kr
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