Answer to Question #122105 in Accounting for Everlyn

Question

How you feel QuickBooks makes keeping up with your payables and making purchases.
Compare to how you learned about payables in Principles of Financial Accounting. Do you think QuickBooks makes the process easier or harder? How do you like the aspect of making reports to show you different aspects of your payables?

Answer 1

Accounts payable are reflected in the liability of the balance sheet. Moreover, it is divided into long-term (repayment of which is expected within a period exceeding 12 months from the date on which the report was prepared) and short-term.

The organization reflects accounts payable on the basis of its primary accounting documents, accounting records made in accordance with them, regardless of whether the other party recognizes the presence of debt in the same or other amounts. This does not apply to debt to the budget and the bank, which must be agreed upon.

QuickBooks allows you to quickly get different reports on accounts payable in different aspects:

Supplier Balance Summary - A summary of the supplier balance sheet will show you the current balance of your company with each supplier.

Supplier Balance Detail - A detailed supplier balance report will show you which transaction makes up your current balance with each supplier.

Detail of unpaid bills - A detailed report of unpaid bills will show you how much your company owes to each supplier and if there are any invoices that are past due.

Vendor Transaction List - Vendor Transaction List shows the transactions that you have with each supplier.

It is very convenient for controlling accounts payable!