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nilousheybani
November 14, 2024
Question

Vendor Balance

  • November 14, 2024
  • 1 reply
  • 0 views

I am trying to understand why there are different amounts in a vendor's open balance and overdue balance. I was able to find a journal entry for the difference, but it has been reversed. However, that amount is still in the overdue payment amount but not in the open balance amount. How do I get the overdue balance to be the same as the open balance without deleting the journal entries? 

 

I am having this issue with multiple vendors too so any advice would help.

Thank you!

1 reply

FishingForAnswers
FishingForAnswers
November 15, 2024

@nilousheybani  The open balance is the total amount of money that you owe to a particular vendor.

 

The overdue balance is the total amount of money that you owe to a particular vendor, that was not paid prior to the established due date.

 

The only time these two balances should be the same is when all amounts owed to said vendor are past due.

 

If you want an explanation of the journal entry itself, and whether it should be deleted, you may want to post an image of it, or at least describe the accounts involved in the journal entry.

FishingForAnswers
FishingForAnswers
November 15, 2024

@nilousheybani  Actually, scratch a bit of my last post; may be a good idea to say what accounts are involved in the journal entry in general.

 

I'm not at all sure why the overdue amount would be higher than the open balance; that is odd, unless QBO is treating the open balance amount as 'the balance that is not yet past due'.

N
nilousheybaniAuthor
November 15, 2024

The overdue payment looks like its the open balance + JE amount @FishingForAnswers 

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