Negative Accounts Payable In Quickbooks
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QuickBooks, one of the reliable accounting software applications, is useful for big businesses and SMEs. As one of the entrepreneurs, you may easily manage your accounts and finances. QuickBooks simplifies your bookkeeping process with the advanced features. The integrated tools of this software help you in preparing the bills and invoices. You may also manage the payroll with this application. QB has another unique feature for managing your Accounts Payable. Accounts Payable indicates the amount, owed by your business to your creditors and suppliers. However, some users become confused while their software is showing a negative balance in their accounts.
Negative Accounts Payable- What does it indicate?
In your balance sheet, you can find negative liability when your company has paid off more than what is required for that liability. The negative accounts payable can turn up from the fundamental error. You may have entered the bills and written the checks against those bills. However, for some reason, you have removed or deleted your original bills. Lots of users face this problem while registering a balance in their QuickBooks online. They find their amount, not matching their QB accounts online. There may be different reasons for which the bank balance does not correspond to the QB Online balance. The another error you can face is your accounting software keeps quickbooks frozen. When you are working smoothly and you face such kind of error you need to know that how to unfreeze quickbooks.
- After depositing your check-in QB online, you have subtracted it from QB registered bank account. However, you have not cleared the transaction on the bank.
- Incorrectly added transactions to your QB register
- Editing and removing transactions in the register can result in the discrepancy.
Solving the negative Accounts Payable–
Now, let us guide you on the way to solve the problem of negative Accounts Payable-
- Go to Reports menu and choose Vendors & Payables option.
- Find the option- Unpaid Bills Detail Report. Click on it to start scanning the report and identifying the negative balances.
- While the balance is negative, you can double click on that balance.
- The system will open the bill payment check
- You may find no bill at the bottom section of the screen. It does not indicate that you have applied the check to the bill. You can leave the window open and go to AP
- Hit the option- Enter Bills
- The amount to be entered to the bill has to match your check. You may also look for the original bill for entering the amount accurately. Make sure that you have entered the due date rightly.
- Then, press the option, Save. While you want to enter other bills, you can choose the New button. After entering the bills, you can click on the Save option and Close button.
- Again, find your bill payment check to find the recently entered bills
- Input the amount rightly and save it.
- You have to confirm QuickBooks that you would save your transaction
- Choose the Yes button and access the Unpaid Bills Detail Report page.
- The last step is to press the Refresh button
You will not find negative accounts payable in QuickBooks. Ensure that you have not repaid your bill accidentally. We have shown you the steps for applying and reinforcing the checks.