Reconciling Payables Activity
Use the following Payables reports to reconcile your posted invoices and payments to your Accounts Payable Trial Balance to ensure that your Trial Balance accurately reflects your accounts payable liability:
- Accounts Payable Trial Balance (last period and current period)
To reconcile your Accounts Payable Trial Balance for a given period:
- Add the current period's posted invoices (total invoice amount from the Posted Invoice Register) and subtract the current period's posted payments (total cash plus discounts taken from the Posted Payments Register) from the prior period's Accounts Payable Trial Balance. This amount should equal the balance for the current period's Accounts Payable Trial Balance.
For example, you are closing your accounting period for April and you have just posted your final invoice and payment batches to your general ledger system. To reconcile your accounts payable activity for April, make the following calculation:
See Also
Posted Invoice Register
Posted Payment Register
Accounts Payable Trial Balance Report
