Skip to main content
A
accountant2124
May 31, 2023
Solved

Clearing of Acccounts Payable (Unpaid Bills)

  • May 31, 2023
  • 1 reply
  • 0 views

Hi,

I am trying to generate the Unpaid Bills Report, but there are offsetting transactions that are still showing. Both are journal entries debit & credit. I understand if one is posted as Bill, we can close the journal entry against it. But how about if both are journal entries? How do we close this so that it will not show in the Unpaid Bills?

Best answer by RCV

Thanks for coming back, accountant2124.

 

The option to add a cost center for each line of the entry is unavailable. However, we can turn on class tracking and choose one to each row in transaction option. This shows the class column in the journal entry. See the screenshot below: 

 

 

 

 

 

Here's how:

 

  1. Go to the Gear icon and select Account and Settings.
  2. Tap Advanced, then select the Categories section to edit.
  3. Check Track classes.
  4. Check Warn me when a transaction isn't assigned a class. This is optional, but it's good to turn on, so when you look at reports, you know everything got classified.
  5. Under Assign classes, select One to each row in transaction. Select One to entire transaction if you don't need to enter a class for each product you sell to a customer. You can save time and assign one class to the entire invoice or sales receipt instead.
  6. Press Save, then Done.

 

You can check out this article for more details about turning on class tracking in QuickBooks Online Plus and Advanced: Turn on class tracking in QuickBooks Online.

 

Do you also want to track your transactions using classes like store departments or product lines? This article will be your guide: Track your transactions by class in QuickBooks Online.

 

Please let me know if you have other concerns about organizing your transactions. I'm always here to provide answers for your business needs. You have a good one. 

1 reply

Angelyn_T
Angelyn_T
May 31, 2023

Thank you for reaching out, accountant. I'll help you clear your unpaid bill entries from your Unpaid Bills report.

 

I can see that you have offsetting journal entries on your report. To close them out and clear your accounts payable, you can record a bill payment or an expense and then link the outstanding transaction and the existing credit. 

 

Here's how:

 

  1. Go to the +New icon.
  2. Click on Expense or Pay Bills.
    1. For Pay Bills
      1. Set your Payment account, then enter the date and other details.
      2. Locate the pending transaction, then apply the existing credit.
      3. Save the transaction and ensure that the Total Payment Amount is zero (0.00).
    2. For Expense
      1. Select the vendor name under Payee.
      2. Add the debit and credit transactions from the Add to Expense section.
      3. Review the details, then click on Save and Close.

 

For more tips, while tracking your bills and expenses in QBO, you can check out these articles:

 

 

Aside from that, you can run through the resources from these articles for more resources while managing your other vendor entries in the future: Expenses and vendors.

 

Please let me know if you have follow-up questions about the solutions provided. I'm more than happy to help you again. Have a good one!

A
accountant2124Author
June 1, 2023

Thanks for the quick response. Pay bills didn't work since both the journal entries are not showing from the list. Was able to close it. Thank you. 

 

Another question, is there a way to add a cost center for each line of the entry? I understand that it is possible to use the "Tags", but this applies in the transaction as a whole.

R
RCVAnswer
June 1, 2023

Thanks for coming back, accountant2124.

 

The option to add a cost center for each line of the entry is unavailable. However, we can turn on class tracking and choose one to each row in transaction option. This shows the class column in the journal entry. See the screenshot below: 

 

 

 

 

 

Here's how:

 

  1. Go to the Gear icon and select Account and Settings.
  2. Tap Advanced, then select the Categories section to edit.
  3. Check Track classes.
  4. Check Warn me when a transaction isn't assigned a class. This is optional, but it's good to turn on, so when you look at reports, you know everything got classified.
  5. Under Assign classes, select One to each row in transaction. Select One to entire transaction if you don't need to enter a class for each product you sell to a customer. You can save time and assign one class to the entire invoice or sales receipt instead.
  6. Press Save, then Done.

 

You can check out this article for more details about turning on class tracking in QuickBooks Online Plus and Advanced: Turn on class tracking in QuickBooks Online.

 

Do you also want to track your transactions using classes like store departments or product lines? This article will be your guide: Track your transactions by class in QuickBooks Online.

 

Please let me know if you have other concerns about organizing your transactions. I'm always here to provide answers for your business needs. You have a good one. 

Terms & ConditionsAccessibility statement