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J
JE1551
October 17, 2022
Question

correction to accounts payable to shareholder advances

  • October 17, 2022
  • 1 reply
  • 0 views

I entered an outstanding invoice in my accounts payable and have now learned that it had been paid personally by the shareholder.  How do I get it out of Vendor bills and into shareholder advances

1 reply

A
Alex M
October 17, 2022

Hi there JE1551,

 

It's vital that all your transactions are correctly entered in your books in order for all your account balances to be accurate. QuickBooks Desktop is a great software able to help you keep track of sales, expenses, assets, and liabilities to see what you owe and what is owed to your company. I can point you in the right direction for assistance with this transaction.

 

One possible way of sending money from one account to another would be to use a General journal entry. This transaction type can easily move money from one account to another, or multiple others, in order to help balance your books. You can create one by clicking on the Accountant menu, then Make general journal entry. Enter the information you need to create the transaction, then save. If your account balances are even more out of order, you may need to go back to this transaction to change the credits and debits by changing the positives and negatives for the amounts.

 

If you have any other questions, feel free to reach out here.

J
JE1551Author
October 17, 2022

by doing a general journal entry how will it clear it from my accounts payable list 

A
Alex M
October 17, 2022

Once you've done the journal entry, you can apply it as a credit when creating the bill payment, so that the journal entry will leave no balance left on the bill. To do so after creating the journal entry, go to the Vendors menu, then Pay bills. Check the ox of the bill in question, then in the box below that states Number of credits, there should be one available. Click on Set credits, and make sure to check that credit to apply it to the bill. You can then select Pay selected bills to save the payment.

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