accounts payable

What to Do When the Accounts Payable Account Does Not Balance

I came across an unusual problem that an Enterprise Solutions client had, which had me baffled for awhile. The Accounts Payable amount on the Balance Sheet (61,954.21) did not agree with the Unpaid Bills Report amount(68,358.63). The Unpaid Bills Report also represents the A/P Aging Summary. Now how could the QuickBooks Accounts Payable account not agree with the Vendor’s payable...

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QuickBooks Period End Tasks: The Accounting Side – Chpt.2

Continuing on from Chapter One and the QuickBooks Period End Tasks, I will now look at the Prepaid Expenses and Fixed Assets. Prepaid Expenses – this account needs to be reviewed at the end of each fiscal year, due to the fact that these expenses are ever evolving. You may find items like prepaid rent, insurance and deposits, just to name a few, that if not expensed throughout the fiscal...

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