How to clean up accounts payable?

[KFowler]

The accounts payable report shows journal entries dating back for several years, all year-end entries from audit. They net to zero, except for the last posting. How do I clear the old entries that net to zero and clean up the report?

[Joe Williams]

They should use a unique vendor, I hope. If they do, then go to Pay Bills and select that vendor and apply the credits to the "bills".

[LauraD]

Edit>Preferences>Bills>Company preferences.

Set your preferences to automatically use discounts and credits.

Go to Pay Bills and select all of the bills that have adjusting entries. The credits will be applied when you check the bill.

This way, you don't have to apply the credits to each one manually.

I hope this helps,

Laura D

[KFowler]

Thanks Joe. Most of the "vendor" names were unique, like "year end adjustments- AP". For those that weren't, I edited the original transaction for vendor name only, then did as you said and cleared them out by applying the corresponding credit in the 'pay bills' transaction. Wonderful! Now I am going to work on cleaning up the accounts receivable.

[mijoe]

Originally Posted by ldion4

Edit>Preferences>Bills>Company preferences.

Set your preferences to automatically use discounts and credits.

Go to Pay Bills and select all of the bills that have adjusting entries. The credits will be applied when you check the bill.

This way, you don't have to apply the credits to each one manually.

I hope this helps,

Laura D

Hi Laura, I am sure this is a very dumb question, but what would the default discount account be here? I am trying to sort through undeposited funds and accounts receivable to get all my ducks in a row. My bank balance is correct, but I deposited some funds manually and I'm having trouble matching the deposits to the invoices now...

[LauraD]

I would use and income account called Customer Discounts & Adj.

If you have payments in Undeposited Funds that you have already accounted for in the Make Deposit form, do this:

Select all of the payments and pull them into one deposit form. (batch these by month, or year) Then, minus that total using the account that you used when posting your manual deposits (most likely your income account)

Laura D