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KatieJ1234
March 18, 2024
Question

Editing the amount on a vendor bill in a closed year?

  • March 18, 2024
  • 2 replies
  • 0 views

2023 is closed in our QB. I have to change an amount on an unpaid 2023 vendor bill. How do I do this without messing up the 2023 books? The vendor overcharged us but we realized after the bill was entered and after the books were closed. We now need to "edit" the vendor bill with a lesser amount. 

2 replies

R
RheaMaeH
March 18, 2024

Hello there, KatieJ1234. I understand that you want to make changes to your closed books in QuickBooks Desktop. Allow me to give you some insights.

 

You can reopen your books if you need changes to a vendor bill amount. However, please note that any changes you make will affect your Account Payable or financial reports. Also, the system may prompt you that it's not recommended, or it may ask for the closing date password if you set one up.

 

In case, you need to correct a closed reconciled transaction. I'd recommend reaching out to your accountant to have hands-on support from technical and accounting perspectives.

 

Furthermore, you can check out this link if you need more information about closing your books in QuickBooks Desktop.

 

I'm always here to help you if you need further assistance with editing your closed books in QBDT, or if you have any additional questions. Have a great day.

K
KatieJ1234Author
March 19, 2024

Can I void the bill and then re enter it as a 2024 bill? How will this affect our closed 2023 books? 

Rainflurry
Rainflurry
March 19, 2024

@KatieJ1234 

 

If you're on accrual basis, you shouldn't void the bill.  If you do, it will increase A/P, decrease any assets on the bill, and decrease any expenses on the bill.  If there are expenses on the bill, net income will increase by a corresponding amount.  You don't want to do that.  Please see my previous post for proper handling based on whether you're on cash or accrual basis.   

Rainflurry
Rainflurry
March 19, 2024

@KatieJ1234 

 

If you're on cash basis, you can edit the original, unpaid bill since cash basis taxpayers don't have A/P and the edit shouldn't change any of your cash basis reports.  If you're on accrual basis, you'll need to enter a 2024 Vendor Credit for the difference and apply it to the bill.   

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