How can I do on the brought forward outstanding on Account Receivable & payable from last financial year

Answer

Hello there, uniexpoel,

You can create journal entries to zero out the balances in Accounts Receivable and Accounts Payable. However, we strongly recommend that you consult your accountant prior to correcting these accounts.

Here's how to create a journal entry for Accounts Receivable:

  1. Click the Plus icon, and select Journal Entry.
  2. Select the Journal Date. The date should be the end of the time period.
  3. On the first line, select the account affected in the Account column.
  4. Enter the amount in the Debit column.
  5. On the second line, select Accounts Receivable in the Accounts column. The amount will automatically show in the Credits column.
  6. Select the name of the customer in the Name field. Select Save and close.

Here's how to create a journal entry for Accounts Payable:

  1. Click the Plus icon, and select Journal Entry.
  2. Select the Journal Date. The date should be the end of the time period.
  3. On the first line, select the expense or liability account affected in the Account column.
  4. Enter the amount in the Credits column.
  5. On the second line, select Accounts Payable in the Accounts column. The amount will automatically show in the Debit column.
  6. Select the Supplier in the Name field. Select Save and close.

Let me know if you have other concerns about accounts in QuickBooks.

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IntuitMaryL , Community Support Specialist
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