AP question
Entered bills and the category is an other asset. Made a couple of payments but the payments don't show on the balance sheet. What am I doing wrong, if anything?
70
71
dOHkIdcCyr4AKlacwZ5xHE
11/07/11 9:04pm PST
Viewed by asker 11/08/11 2:38pm PST
Viewed by asker 11/08/11 2:38pm PST
4 Replies
Rustler
Questions asked: 129
Questions answered: 41389
Points earned: 102566
Questions answered: 41389
Points earned: 102566
Allstar
Advisory council of community power users.
Intuit Moderator
Mod/Co-mod
11/08/11 3:04am PST
When you entered the bill you should have used the expense tab and selected the other asset account. That puts the total amount of the purchase in the other asset account.
Paying the bill, is just that, a debt to be paid and the payments do not show on the balance sheet other than to reduce accounts payable
If I've helped, mark it solved.
My QB tips Blog >> http://onsale-apparel.com/Rust...
When the majority, who cannot think for themselves, overwhelm the minority who can, you get ... convention.
My QB tips Blog >> http://onsale-apparel.com/Rust...
When the majority, who cannot think for themselves, overwhelm the minority who can, you get ... convention.
11/08/11 1:24pm PST
That is just the thing though, the payments are not reducing the amounts shown on the balance sheet. It looks like I'm doing everything right but the balance sheet still shows the full amount. Dates are correct.
11/08/11 2:38pm PST
The AP report shows the correct balance with the payments added but the balance sheet still shows the full amount. What is going wrong? I'm going crazy!
11/09/11 4:53am PST
Latest post
When you make the payment, you should be using the loan account in the account block, are you?
