Cards
To understand an out of balance amount -- historical purchases
First, be sure you understand the amounts that appear in the Vendor Balances window:
- Total Purchases
This field displays the total of the Amount Due column, that is, the total amount of the vendor balances displayed in this window.
Before entering purchases the amount displayed is $0.00. After entering your historical purchases, the amount in this field should equal the amount in the Total Linked Payables Account Balance field. (Entering historical sales and purchases)
If the amount isn't $0.00 If you haven't started entering your historical purchases and the amount isn't $0.00, you may already recorded transactions that have affected your linked payables account. Because it's necessary to enter historical purchases to equal your payables account's opening balance, review your accounts payable opening balance. (Setup > Balances > Account Opening Balances) You'll enter historical purchases to equal the opening balance of your Accounts Payable account.
- Total Linked Payables Account Balance
This field displays the current balance of the linked payables account.
If you use the multicurrency feature, this field displays the current balance of the linked payables account for each currency that you deal with, that is, for the currency that is displayed above the Amount Due column.
After entering your historical purchases, the amount in the Total Purchases field should equal the amount in this field.
If the amount isn't your opening balance Before entering your historical purchases, this amount should be the amount you entered for the opening balance of your linked payables account. If it isn't the same number, you've already recorded transactions that have affected your linked payables account. Because it's necessary to enter historical purchases to equal your payables account's opening balance, review your accounts payable opening balance. (Setup > Balances > Account Opening Balances) You'll enter historical purchases to equal the opening balance of your Accounts Payable account.
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