 QuickBooks Online 2024. Accounts Payable Aging Reports. Get ready because we're going to Bookkeeping Cloud 9 with QuickBooks Online 2024. Here we are online in our browser searching for QuickBooks Online Test Drive looking for the result that has Intuit.com and the URL Intuit being the owner of QuickBooks selecting the United States version of the software and verifying that we're not a robot. Opening up our major financial statement reports like we do every time. The report's on the left hand side. We're in the favorites. Right clicking on the balance sheet. Open link in new tab. Right clicking the profit and loss. Open link in new tab. Let's go up to that middle tab. We're closing up the hamburger and we're going to change that range back to 03. 010123 tab. 123123 tab. Running it to refresh it. We'll tab to the right same process closing the hamburger. First a word from our sponsor. Yeah, actually we're sponsoring ourselves on this one because apparently the merchandisers they don't want to be seen with us but but that's okay whatever because our merchandise is is better than their stupid stuff anyways. Like our crunchy numbers is my cardio product line. Now I'm not saying that subscribing to this channel crunching numbers with us will make you thin fit and healthy or anything. However it does seem like it worked for her. Just saying. So yeah subscribe hit the bell thing and buy some merchandise so you can make the world a better place by sharing your accounting instruction exercise routine. If you would like a commercial free experience consider subscribing to our website at accountinginstruction.com or accountinginstruction.thinkific.com and the range it's going back to the same 010123 tab 123123 tab. Run it. There's the setup process that we do every time. We're now looking at other reports other than these major two financial statement reports that we typically look at every time we do data input other reports basically giving one or more information about one or multiple line items on one of these two reports balance sheet and income statement. Let's go back to the first tab. We're in the reports again. I'll close up the hamburger and we'll scroll down to the section that says it reads who you owe money to now this section of the reports will mainly be giving support to the balance sheet account of the liability of accounts payable accounts payable has similarities to the accounts receivable in that we're going to need a sub ledger related to it. It's an accrual based account. We'll only use it if we're entering bills into the system rather than entering just expense forms paying the bills as they can do possibly with the bank feeds in which case we won't have accounts payable. If we're entering bills into the system we will have the accounts payable and if I drill down on it we get that transaction detailed report which is kind of like a general ledger reports providing the transaction in order by date. However, we also need another report that's going to give us the information by who we owe the money to by vendor. So similar to the receivable where we needed another report by who owes us the money by customer in that case. So let's go to the first tab over here and we'll take a look at some of these reports. So we've got the 1099 reports. These reports are specific to United States income tax reporting purposes. And so they're not exactly like reporting normal reports and that they're not just giving more information for accounting purposes but tax purposes and they're basically going to we can assign which of our vendors we need to be issuing 1099s to those being people that usually are not incorporated and people that have money that we paid to them over a certain dollar amount and then we can try to track and make sure that we're we're issuing our 1099s. We'll talk about that more specifically in future presentations. They're in here because they're kind of part of the vendor side of things as we pay things out to the vendors. We've got the accounts receivable aging detail the accounts accounts I'm sorry accounts payable aging detail rather than the receivable we looked at last time the accounts payable aging summary. These are the major two reports. We've got the bill payment list the bills are the things that we use to enter to increase the accounts receivable the payments of the bills would be decreasing. We've got the bills and applied payments. So those are the two types of transactions that are increasing and decreasing the accounts payable. We've got the unpaid bills. If we entered a bill and they had not yet been paid you would expect that would be the the unpaid balance that's going to tie out to the amount on the balance sheet. And then we've got the vendor balance detail the vendor balance summary. So I'm actually going to start off with these two because these are the classic kind of sub ledger types of reports. So let's start off with the vendor balance summary I'll right click and open that link in a new tab and then we're going to say okay let's go and do a custom range make sure it's at 123123 notice this report is as of a point in time only has one date in it as well because it's given you balance sheet type information it's just breaking out that payable by who we owe the money to. So we just have our list of vendors and then how much we owe them the total coming out to 160267. If I go to the balance sheet that should match out here 160267. So that looks good now the reason we don't often use this report is because if we want to get this information of who we owe the money to we can use our internal resources so I can go to the tab to the left I'm going to go into my hamburger and go into the expenses otherwise known as the vendor center and we can sort who we owe the money to by good we could do it in the expenses tab right and we can say okay who do we owe the money to I can sort this by bills and then and then I might filter by the the status of the bill open let's say and so that's one way we can do it we can go to the bills tab which does that a little bit faster so we would go to the unpaid bills and see which bills we need to pay we can go to the contract or I'm not the contractors the vendors and we can see that we have the the paid in line the open bills I can go here so this is where we would typically go to manage the open bills and even when I make a bill payment when I say I want to want to pay the bills then this window will also give me a list of the bills that are currently outstanding that I could then sort and pay so so this report gives us that added detail to make us remember that this is actually tying out to all the open items should tie out to the balance sheet on the accounts payable and we could also use that report to make fancy graphs like pie charts and stuff if we wanted to which we might do in future presentations because it's fun but we'll export it to excel to do that and so let's go down to the reports again close up the hamburger and we're on what you owe so that's let's look at the detail vendor balance detail let's open that one up so now we've got a similar report let's change the range just making it as of 123123 run it and then we'll close the hamburger so now we've got the same thing with the open bills but it's listed by the vendor and given us the detail so it's not really giving us detail of the increases and decreases it's basically giving us the detail of the outstanding bills at this point in time the total still gives us a total which should tie out to the balance sheet let's go back to the first tab again unpaid bills let's take a look at that right click and open the unpaid bills so if I go into that one so let's change the range again custom range to 123123 and run it so now we've got the the names and the bills that once again have not yet been paid which if they're not paid bills you would expect them to the sum of those unpaid bills to still add up to what's in the accounts receivable I mean accounts payable because the bill is the form that increases the accounts payable and if it has not yet been paid it's the outstanding amount we have a little bit different detailed report with the past due amount here and the due date I think the columns are a little bit different up top with these two reports but they're giving a very similar information as well let's go back to the first tab we've got the bills and applied payments so these are the increases and decreases to the accounts payable if I say accounts receivable I'm sorry I just recorded that one so I have I keep on wanting to say accounts receivable but I'm trying to stop myself and this one you need a range 010123 to 12 to 12 it's 123123 now you need a range for this one because it's it's although it's reporting as of a point in time balance sheet report it it it's showing the detail for a for a range inside each category right inside each category it's showing you the transaction detail in here this report is nice because you would think that this information would would be something that you can get on the the accounts payable like detail report but but uh but it only has the open bills over here is where you can see the increases and the decreases so that is nice although again if you wanted to look at the increases and decreases for a particular vendor you might do that internally in the vendor center but you get a nice look at this is the bill this is the the payment right here's the bill here's the payment here's the bill here's the payment we get to tick and tie out the activity and there's only those two forms typically within the accounts payable the bill and then the payment of the bill right let's go back to the first tab and then we've got bill payment list so if I right click on that and open it up we're going to see the the payments so let's change the range again we need to range because it's going to give us the payments for a certain range 010123 even though it's a balance sheet account we're looking into accounts payable that is let's 12123123 and so now we've got the checking and these are the bill payments now you might be able to get a similar look at that by going to if you wanted to just to just to think about how this works if you went into the accounts payable and you saw the increases and decreases are bills and the bill payment check then you could sort maybe by the bill payment checks right to see that detail so I might sort then by filtering and then add the type transaction type and then it's going to be equals and I'm going to say the bill payment check boom and so we'll do that and then and then that'll give us possibly these are give us the payments that were within that range so just to practice that sorting tool so I'm going to go back exit it go back to the first tab accounts payable aging summary so these are the two big ones here so let's go to the accounts payable aging summary open link in a new tab and check it out so we're going to open that up make it as of 12123123 run it so this one is probably the one that's going to be most useful because it gives you information above and beyond what you can find internally in the in the vendor center but it's probably not as useful as the as the accounts receivable report is because the accounts receivable aging report we typically use that possibly to value how much our accounts receivable will actually be collectible right where we don't need to do that with the accounts payable hopefully we're able to pay all the accounts payable so this so the so the so the past due stuff may not be as important because we're not going to it's not like we're going to make a an allowance account on our balance sheet to to show all of it you're right because on the accounts receivable you'll recall that if I have the accounts receivable I I know that there's going to be some deadbeats out there that we sold stuff to that might not pay us on account that's the risk of of making sales on accounts so theoretically you should we should put something in here if I know that some of those won't be paid I should try to estimate how many should not be paid and lower my accounts receivable that's sometimes what you use the aging report for but on the payable side that's not the case because this is the money that we owe it's not like we're going to say yeah we're the deadbeat and we're not going to pay some of that some of that money that wouldn't look good to the bank if we're trying to get a loan right if we don't pay some of those so we're going to estimate how many we're not going to pay here or something right so so you don't really have that that use for this aging therefore it's probably not as important as the accounts receivable aging but you can see the concept of it is the mirror image of the accounts receivable these are the amounts that are passed due those are the ones that we want to see if we can manage and and get on top of but again we probably search that stuff out internally and be able to use our sorting tools to kind of figure that out internally as well so there is that we can change we can change the days per aging we can change the number of periods and so on if you so choose but these are kind of like the defaults which are pretty standard let's go back to the first tab again if you wanted the accounts payable aging detail right click open link in a new tab and let's look at that one finally look at the final one change in the range to 1231 23 and run it so now instead of having the aging part up top because we want to show the detail of the bills we have the aging within the section so here's the 31 to 60 and here's the 1 to 30 days past due and here's the current and you've got your carrot to expand and drop them down so the accounts payable stuff again the reports are may not be as important as some of the reports and the receivables because you'll manage them internally over here but the bottom line is that we should be able to understand that the total outstanding for the accounts receivable can be represented on a subsidiary ledger and should be tying out to the balance sheet so 160267 should be tying out to the 160267 on the balance sheet it almost surely will because accounts receivable forces us to every time we post something to accounts payable include a vendor like with the accounts receivable quick books forcing us to record a customer every time that we record something therefore these numbers should match the sub ledger it gets a little bit messy if you if you need to clean this thing up you've got to be a little bit careful I think we have some presentations on on how to deal with prior period transactions right because if this thing is is not right and you need to delete transactions it's kind of like voiding checks you want to be careful that that you do that that you do that properly right so if you if you go through these and you're saying well that payable that bill shouldn't be there well should I just delete it well if it was a if the bill was entered in a prior period you want to be careful doing that and you also want to be careful that whatever you do to this to this area you usually want to use the bill for the forms right you don't want to usually use journal entries because then if you put journal entries in here I think we've touched on this in the past it'll it'll get messy so if you need to clean this up and delete transactions or something like that remove transactions you probably want to talk to your your accountant your bookkeeper to get more advice I think we have some presentations on again dealing with prior period transactions but be careful with that is the bottom line just want to point out here before we close which we'll do now