QuickBooks is used by many business owners but doesn’t understand why QuickBooks Show Accounts Payable in Negative. The below article gives you the answer for the same.
A negative balance in Accounts Payable sometimes means that bills were entered and checks were mentioned again those bills but because of some reasons original bills were deleted or moved. The bill payment checks system remains unfilled or hanging in the system and shows a negative balance in Accounts payable.
What are Negative Accounts Payable
A negative liability shows in the balance sheet if a company pays off more than the amount required by the liability. Sometimes often appears on the accounts payable register as credits. It is also a liability asset and should be treated as a prepaid expense.
Some of the Reasons – Why QuickBooks Register Balance and Actual Balance Doesn’t Match
Many users face issues when the amount of QuickBooks online registers balance and the actual balance does not match in QuickBooks online. Behind that below are many reasons as mentioned below:
- New Transaction for a connected account – If QuickBooks is connected with your bank, then the transactions in For review tab will not allow the match to balance
- Sometimes there are duplicate transactions – Some transactions might add incorrectly added to the QuickBooks register. Instead of getting a match with the previously entered transaction
- Sometimes there could be deleted or edited transactions – Removing or deleting the transactions which are available in your register can also be a reason for the mismatch.
- Some outstanding transactions can be a reason – For example, you deposit a cheque in QuickBooks online and then subtract it from your QuickBooks bank account register and maybe transactions are not clear from your bank end.
Step-by-Step Guide to Resolve the QuickBooks Show Accounts Payable in Negative
When you see a negative balance in the accounts payable or if you deal with the vendor having a negative balance in the vendor’s list.
Total Time: 20 minutes
🔹 Just go to the report menu and select vendors and payable.
🔹 Now select an unpaid bills details report.
🔹 After that scan the accounts payable report and check for the negative amount, If any results come double click on them.
🔹 Once you will double-click it bill payment check will open.
🔹 Check the bill at the bottom of the screen, it should be there.
🔹 Give a checkmark next to that and then enter the correct amount, now save and close.
🔹 Now click on yes when you will be asked for saving the transactions which you just entered.
🔹 Now go to the unpaid bill report and click on refresh.
🔹 The negative amount should be removed now.
🔹 You need to follow the above steps for all the negative amounts you see in the reports.
QuickBooks Consultant is professional, polite, and able to solve the issues QuickBooks show accounts payable in negative and how to adjust accounts payable quickly in a given time.
Best Practices for Fixing Negative Balance of a Vendor in QuickBooks
- Select Bill by clicking the Plus sign icon.
- Name the vendor.
- Fill in the required information.
- Save the file.
- At the top, click Make Payment.
- Under Credits, select the bill at the top.
- Save the file.
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