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R
RCP7
March 7, 2024
Question

How to remove a GBP transaction from my AP Aging Detail

  • March 7, 2024
  • 2 replies
  • 0 views

We had a balance in our AP GBP account from an old transaction from a few years ago. We created the JE in 2021 to remove the balance from the AP GBP account to clear it out, but now its showing in our AP Aging Detail and not our Balance Sheet thus causing a variance between the two reports. 

 

Any help is greatly appreciated. 

 

2 replies

J
JuliaMikkaelaQ
March 7, 2024

Thanks for bringing this to my attention, @RCP7. 

 

I'm here to assist you in resolving the issue with the Journal entry appearing on your Accounts Payable Aging Detail report in QuickBooks Online (QBO).

 

If the journal entry you've created to offset your old transactions isn't linked to any transaction, it'll appear in the AP aging detail report. To clear this in the report, you can connect this entry with an expense transaction. Below are the steps you can take to generate one:

 

  1. Click the +New button, then select Expense.
  2. Choose a payee in the Payee dropdown, then enter the Payment account.
  3. In the Add to Expense menu, locate the journal entry you've created, then click Add.
  4. Once done, click Save and Close.

 

Furthermore, I'll attach these helpful references so you can keep track of your bills and expenses within the program:

 

 

You can also generate and customize financial reports in QuickBooks and make them personalized and specific to your needs. 

 

Feel free to tag me or comment back in the comment section if you have further questions about managing reports and expenses or any other QuickBooks-related issues. Our team is available to assist you at any time. Have a great day!

R
RCP7Author
March 7, 2024

Thank you for the quick reply. I followed those instructions and it removed the entry from the AP Aging and there is no longer a variance between the reports, but now i have the attached issue. That balance moved back into our AP GBP account, which is what we we're trying to clear out initially. Is there a way for us to $0 out that account without taking a $4k expense to offset the amount? 

AlverMarkT
AlverMarkT
March 7, 2024

Thanks for getting back to us, @RCP7. I greatly appreciate that you performed the steps recommended by my colleague.


Let me further help you account for the previously created JE and resolve the variance between the Accounts Payable (A/P) Aging Detail and Balance Sheet reports. Just a disclaimer, it would be best to consult your accountant as you go through the steps below to ensure accuracy of your financial records.

 

Let's start over and deal with this directly. Delete the previous expense transaction my colleague has suggested since the goal is to link the JE with the associated bill transaction (i.e., GBP transaction) to remove them from the A/P Aging Detail report which can't be achieved by creating another expense.

 

On your first attached screenshot, the JE shows a positive amount of 4057.19 which means this is another amount you'll still have to settle separate from the bill transaction you're supposed to link. If you collaborate with your accountant, they can help review the JE and check if it's associated with the correct accounts since the entry should appear negative to associate it with the transaction. I've attached a screenshot for visual reference.

 


After you've reviewed the JE, open the Bill Payment window of the paid bill as in the screenshot above and ensure to put a checkmark to the JE to link the two of them. You can use the magnifying glass icon to help in the task of finding the bill payment.

 

When this is resolved, let me add this article as a guide in managing your bills: Enter and manage bills and bill payments in QuickBooks Online. 


Keep us posted if there are other details you'd like to add or if both reports still show variance. We'll do our best to assist. Take care. 

M
Mutch2274
March 8, 2024

Here's how you might be able to remove it from your AP Aging Detail:

  1. Review the Journal Entry: Look back at the JE from 2021 that was supposed to remove the balance from the AP GBP account. Verify if the accounts used were appropriate. Ideally, the JE should have debited an expense account (like Account Payable Write-off) and credited the AP GBP account.

  2. Check for Missing Reversal: It's possible the JE wasn't structured correctly or a subsequent reversal entry was made by mistake. If the JE debited the AP GBP account instead of crediting it, it would cause the balance to reappear in the AP Aging Detail.

  3. Reconcile the AP Account: Reconcile your AP account to ensure its accuracy. This might involve reviewing supplier invoices and statements to verify all transactions are accounted for correctly.

  4. Consult Your Accounting Software: If you're using accounting software, consult its documentation or help section for specific steps to handle old or erroneous transactions in the AP Aging Detail. Some software might allow you to edit or delete the transaction entirely LaSRS Login.

  5. Accounting Professional Help: If the above steps don't resolve the issue, consider seeking help from an accounting professional. They can analyze your situation and recommend the most appropriate course of action to remove the transaction from your AP Aging Detail while maintaining the integrity of your financial records.

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