Can anyone explain please why Supplier Balance report differs from Trade Creditor balance at the same date?

There are certain reasons why a Supplier Balance report differs from a Trade creditor balance, Mr. Tangerine Man. Let's work together to identify them.

It will differ because of the reporting period and manual journal entries or adjustments. Since you confirmed that you pulled up the same date, let's compare each transaction to identify the discrepancies.

To begin with, follow these steps to open the Trade Creditor balance:

1. Go to Reports.
2. From the search field, enter Balance Sheet.
3. Filter to the correct report period, and select Accrual under Accounting method.
4. Choose Run report.
5. Click the amount of the Trade Creditors to see all the transactions.

After that, run the Supplier Balance Detail report. Compare each transaction to look for the manual journal entries or adjustments that cause the difference.

Additionally, you can follow the steps outlined in this article to record the payment to a Supplier in advance: How to record Supplier prepayments for Products or Services.

Keep us posted if you need additional assistance regarding your Supplier balances and Trade Creditors in QuickBooks Online. Just hit Reply,  and we're always here to provide support.