In: Accounting
Quickbooks Pro 2018 Problem 6-2 Larry's Landscaping & Garden Supply - Purchases, disbursements, and accounts payble.
You know that beginning accounts payable, plus purchases on account minus purchase returns and allowances, minus payment on account equals ending accounts payable. Show that reconciliation by using the information available in QuickBooks for December 15, 2022, and beginning (November 30, 2022) and ending (December 15, 2022) accounts payable. I need to know how to get this problem started and what to do on Quickbooks. Are they asking for a reconciliation? Or some sort of report? Thanks!
As per the above information give, they are asking to finf out the balance of trade payables as on december 15, 2022. Once after logging into quickbooks, We can find balance sheet tab. On right clicking that we can customise the balance sheet as on the required date. select customise option and given the date in the format of mm/dd/yy. and then run the report. then balance sheet appears from where you can get the opening balances from the current liabilities , trade payables division. Now, come back to the dashboard by clicking back button and then go to profit and loss account and customise as above said, from where you can get the amount of purchases made during the year and payments made to customers. For the detailed split of the entries you need to open journal from the dashboard where you can get the breakup of the entries. In quick books there is an other option where you can directly get the trade payable ageing and as well as amount payable to creditors as on the selected date from the tab whim you owe. But one thing should should be kept in mind that the reports are updated as on date. ese, the tabs cannot be relied on.