Accounts payable balance with Cash accounting system.
I have a balance showing on my balance sheet that is no equal to the balance of Accounts payable in the chart of accounts. Shouldn't these balances be equal?
They would be equal if you were running an accrual basis balance sheet. They won't be equal if you run a cash basis balance sheet.
Hope this helps. If so please mark solved, if not please ask more questions. Thanks!
What makes up the balance of the Accounts Payable on the Balance Sheet?
On the accrual basis it would be vendor bill vendor credits. On the Cash basis, I'd run the balance sheet & double click on the A/P Balance. That will bring you up a list of transactions.
Hope this helps. If so please mark solved, if not please ask more questions. Thanks!
