The accounts payable in the Balance Sheet report displays the total outstanding payables for the selected period. However, if you’ve recorded any advance payments, those transactions will be listed under prepaid expenses. To calculate the closing balance for the selected period, subtract the accounts payable from the prepaid expenses.
The closing balance in the Vendor Balances Summary report includes the outstanding payables for your vendors and the excess payments made.
If you want to view the accounts payable in the Vendor Balance Summary report, you can add the Payable Amount column to the report. Here’s how:
The Payable Amount field will be added as a column to the Vendor Balance Summary report.
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