Transactions
Hello there, @LJAB.
When your supplier's balance in A/P is a journal entry (JE) (regardless if it's an opening balance or not), you can create a matching JE to clear or zero it out. However, it'll also be best to consult with your accountant to be guided further on what's best for you and your business.
Once ready, here's how:
- Go to the + New button.
- Choose Journal entry.
- Input all the necessary information needed (i.e. Accounts, Debit/Credit amounts).
- Click Save.
I've attached a screenshot below that shows the last two steps.
After that, I'd recommend pulling up the Supplier Balance Detail report. This to check that the JE you've created is applied accordingly. Just go to the What you owe section from the Reports menu's Standard tab.
Please keep me posted on how it goes. Let me know if you have follow-up concerns about managing supplier and journal entry transactions in QBO or other inquires. I'm just around to help. Keep safe always, @LJAB.
