Accounts Payable Aging Reports 4060 QuickBooks Pro Plus Desktop 2022

QuickBooks Pro Plus desktop 2022 accounts payable aging reports Get ready because we bookkeeping pros are moving up the hilltop with QuickBooks Pro Plus desktop 2022. Here we are in our free QuickBooks sample file sample Rockcastle construction going through the setup process with a view drop down the open windows list on the left hand side company drop down home page in the middle maximize on that home page to the gray area. Open it up now the financial statement reports drop down on the reports. Company and financial going on down to that balance sheet standard report maximizing the font of 14 Customizing reports to do so.


Go into the fonts tab for fonts sake, go into the change font, making that font 14 Okay. Yes. And okay. Same thing with the reports drop down on the profit and loss company and financial P and L Profit and Loss otherwise known as the income statement, font size 14 Customizing report fonts and numbers tab font data down below. And we want that font were at 14. Okay, yes. Okay, back to the balance sheet on the left hand side in the open windows, we’re now focusing in on the payable.



Let’s change the date up top. I’m going to customize the report changing the date from we’re going to say 12 Oh 123 to 1230 123. run that report. Okay. And we’re Scrolling on down to the liabilities side this time. Looking at that Accounts Payable account, remembering that the balance sheet and income statement are the primary two financial statement account all other reports the ones we’re focusing on now included, the subsidiary type reports supporting in some way, the number or a number on the balance sheet and the income statement typically providing more information related to them.



These reports being in essence, subsidiary reports having a bottom line number that should tie out and add up to the accounts payable. The accounts payable then represents what we owe to vendors they represent typically goods and services that we have then purchased, which have we have not yet paid for and oh vendors for at some point in the future. The next question we would want to know about the accounts payable is Who are these vendors that we owe? To answer that question, we cannot simply go to the General Ledger type of report, which we could do by double clicking,



which is typically called the transaction by accounts report that given us more detailed it being a form of ledger, a general ledger, in essence, but it breaks out the detail by date. We don’t want to see it by date necessarily. Or typically, we want to see the added detail by who we owe the money to, and then further possibly breaking down that detailed by who we owe the money to, and how outstanding or how old are the bills that we have been entered that we have not yet paid?



How long can we wait, before we have to pay the bills, trying to maximize the holding on to our cash, which is the typical money management strategy cache management strategies for business, I’m going to close this back out. And we’re going to look at the reports that will supplement this account remembering that if we work in a large company, then you might just work in the accounts payable department in the purchasing department, for example, spending all the time managing the payables determining which payables are due when they’re going to do and trying to postpone payment on them as long as possible,



which is typical money management type of strategy without being penalized for doing so. So then we’re going to go to the reports drop down, we can find these reports, by going down to the vendor, they’re going to be in the vendors and payables section, this is the way I would typically do it once I have a good understanding of the reports I’m working with. But for now, to get a good understanding, we’re going to go to the Report Center reports drop down to that reports center. So the default is the standard tab company and financial we’re going down to the vendors and payables at this point.



And I like to see it in this format, which is the typical default format the grid view because that gives us a little look at what the reports will look like. The most common reports used similar to the accounts receivable reports are the AP aging reports. Those being useful because they add that added dimension of how past due the bills are that we’re going to have by the customer. There are other reports the typical report we would think of most likely as a supplemental report.



Breaking out the vendors by who we owe is information. We can also find basically by going to the vendor drop down and the vendor center. And if we want to know people that we particularly Oh, we can hit the drop down right here and we could see we want the vendors with open balances And then we can locate the vendors and work with the vendors that we owe to in that format as well. So that’s why when we go to the reports center, typically the report that we’re going to be generating for internal purposes are going to be more like the aging reports.



But let’s go through some of the other reports. We also have the accounts payable graph, we’ll talk more about graphs in future presentations. We’ve got the vendor balances. Now these is the summary balance and the detailed balance. These are probably the first reports that would come to mind if you were not familiar with working in the accounts payable department, the reports that would summarize the accounts payable broken out not by date, but by vendor.



So let’s look at that one. First. Opening up the vendor balance Detail Report, let’s run the report from let’s make it 12 Oh 123 to 1230 123. And so now we’ve got our list of vendors here totaling up to the 26 636 92. That should then sum up to what’s on the balance sheet, and the open windows tab 26 636 92. So useful report the vendor balance detail given us who owes us or who we owe the money to so we could determine who we would have to actually pay the money to get that accounts payable to go down.



Let’s go back to the Report Center. Again, we also have the vendor balance detail, which gives us the same kind of information and a more detailed report also something we can typically find by going to the vendor center. But let’s run that report could be useful to run it, to show it to other people and have it in like a meeting or something like that. So we would then have this running the date 12 Oh 123 to 1230 123. So we have now the vendors and the detail related to them, we could see that the detail goes up or the balance per vendor goes up with the bills as we enter bills, they go back down when we pay the bills.



That’s the typical trend, we would expect to see within the accounts payable easier to see when you see it on a vendor by vendor account because the increases and decreases are more likely to match up closer to themselves. Then in the accounts payable, full general ledger or transaction detail account. Bottom line still adds up to that 26 636 92, which ties out of course to the balance sheet as well, or at least it should and generally will, because QuickBooks forces us basically to every time we enter something to an accounts payable accounts,



add the vendor detail to it so that QuickBooks is going to be able to tie out the subsidiary reports to the to the General Ledger report, which is kind of nice, but can also be tedious. If you don’t understand why QuickBooks will not let you post certain things when you’re trying to do so to something that’s going to post to an accounts payable account, QuickBooks is trying to help you out by not letting you post something that doesn’t have a vendor related to it. Let’s go back to the Report Center.



Again, those are going to be the first ones we would think of but not the most common, the most common report probably going to be the accounts payable aging summary because it adds that added dimension of having the past due amounts of ones that we should be paying sooner, because they’re past due otherwise, we might be beginning penalized for them. So if we run this report 1230 123, well, let’s say two 312 30 123 1230 123, it will look similar to the accounts receivable aging report, we get the same total on the right hand side, we’ve got the same vendors, but it gives us that added dimension of detail, which is going to say hey, look, these are the amounts that are still current, hopefully most of the stuff that we owe is current,



here’s the stuff that is one to 30 days, overdue 31 to 60 days 61 to 90 and over 90. So then in a larger company, you could spend a lot of time managing just your your payables and determining which are due your goal is to increase the cash flow oftentimes, the cash flow being necessary because if you get the cash flow, if you increase the cash flow, you can use some of that cash to increase or grow the business. And therefore you want to you want to hold on to on the payable side the cash as long as possible, which seems like not that big a deal when you’re looking at one transaction at a time. But when the transaction is multiplying, you’re talking about a whole lot of transactions, it becomes quite significant. If you look at credit card companies for examples.



They work they spend a lot of time just for small changes in in their receivables and payables basically to improve the cash flow and in so doing that can have a big impact on you know, the ability to grow a business given the fact that you have freed up the cash and that way so you could if the items become overdue, then of course the question is can we can we change the terms can we re up the term Can we pay it at that point in time? Are we going to be penalized for it, we also might have situations where particular vendors might give us particular discounts or some discounts. If we pay at an early or period of time, they have in the same kind of incentives from a cash management standpoint, would like to receive the money faster.



So they might give a small discount to pay them faster. So we want to manage these kinds of things and determine what vendors we’re dealing with try to stay in good standing with the vendors but at the same time, taking advantage of of the ability to hold on to our cash as long as possible and maximizing the play between taking advantage of any kind of discounts that would apply to holding on to the to the cash for a longer period of time.



So but the bottom line, this will then tie out to we could see once again, the 26 636 92. Let’s go back to the Report Center, we can then see the accounts payable, 18, detailed report running that one checking it out, changing the date up top to 1230 123 once again. And so now we’ve got most of our bills are in the current area, that’s good. So because the bill, the due date is 1230 123. And we have our information, all these are due by 2000 to 25 here, so let’s change it to 24 up top just to make it a little bit more interesting of a report. So now we’ve got the current items up top, we’ve got the ones that are between one and 30 days overdue at this point in time. So for example, this item on 1215, or do on 1230.



And we’re currently saying it’s 1231. So it’s past do between one and 30 days, and so on 31 to 60. So we can break down our information in that format as well. So we can then go back to the Report Center. Again, those are the most common reports most likely we got our graph, which we’ll talk about at a future point, we looked at the vendor balance reports here, we also have the unpaid bills, which is similar to the unpaid invoice report, we looked on the receivable side, let’s check it out. And we’re gonna say 1230 123. So now we’ve got our information by the vendors. And we’ve got the bills that have not yet been paid the total adding up to that 26 636 92, once again, which I believe was the amount on the balance sheet. So that is correct.



That looks right. Note that if we look at this unpaid bills report, it’s possible that we have some balance here that is different than what’s on the balance sheet. Because it’s possible for us to post something, say with a journal entry or some other format to the accounts payable as long as we apply a vendor, and then it wouldn’t be a bill but it would still be applied and it would still be applied to the vendor. And that would result in a difference between the unpaid bills reports and the accounts payable on the balance sheet. But in general, these reports should then tie out. This is also something that you can kind of manage on the Report Center.



So internally, most of the time, not on the Report Center, but on the vendor center, you might be then choosing the vendors here and then using your filters, in essence to determine the amounts that are going to be overdue, or so on, you can sort the data in that format as well. Let’s go back to the Report Center again, let’s see what else we have we got the transaction list by vendor. So if we run the transaction list by vendor and put the dates here from 12, one to 1230 123. So now we’ve got the activity basically, that’s happening for on a vendor by vendor kind of transaction basis.



So we’ve got once again, the vendors happen in here, or broken out the vendors and the activity for those vendors to transaction activity for them, which will typically the bills and the bill payments. And so then we’re going to go back to the Report Center. That’s another thing that if you want to see that by customer, you might choose the vendor center morsel most likely for internal purposes. Then we’ve got the 1099 summary and detail running this report. This is going to be a specialized report related to vendors that it looks like they don’t have anything it let’s make it from Oh 10123 to 12 3123.



So this is a special report that you have to set up specially basically telling the QuickBooks that you want, you know, the particular vendors to be set up as vendors that you need to 1099 if they’re under certain conditions, those being that you pay them over a certain dollar amount. I think it’s really low like $600 or something. And they’re not a corporation, S corp or C Corp, but rather a sole proprietorship. And that’s kind of like a regulation thing for the government.



And you could kind of sort your vendor report and try to figure out who you owe, or you could try to use the QuickBooks system to assign the vendors that you have out those that might be eligible or need a 1099, then you can generate a report to help you to fill out your 1099 reports for your year in tax filing reports, requirements, you got the Detail Report, similar kind of thing there, then you got your sales tax liability report.



This doesn’t relate to the accounts payable, but rather to the sales tax payable. And you kind of see that with the sales tax widget as well. So if you went to the homepage, we looked at these a little bit when we looked at that sales tax widget, and we saw those sales tax reports. And when we go in through and pay the sales tax, then what kind of run these reports and those reports will help us to determine the tax liability for sales tax, meaning sales tax will typically go up when we generate sales that are taxes due on such as create invoices and the sales receipt, increasing the sales tax, then, like the month after some period after the taxes accumulated,



for example, that goes up for one month, we might have to pay the sales tax in the following month, at which point we can use this widget to pay it off. And those reports can help us to determine what the sales tax is. Let’s go back to the report. Again, we’ve got then the sales tax, we got the lists the vendor phone list, which isn’t really a financial report, but gives us our vendor list contact information in the contact detail more detail, including addresses and so on.



So that’s the general idea with the vendor side of things. Typical idea being that you want to first think about the balance sheet here saying this is supporting these reports are all supporting the accounts payable representing the fact that we owe people money, then we want to break out who we owe the money to and various formats including aging, how old are the items that we owe money to?



And how likely are we to get incur penalties and interest if we pay it late or anger our vendors and anger or have some problems with our business relationships that we don’t pay our bills, then and then try to pay our bills accordingly.

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