Supplier credit in Balance Sheet

Hi, I am using Manager 17.1.94.

The supplier credits from 3 suppliers totalling 2,435 as at the end of the year is not reflected in the Balance Sheet. Could it be combined under other heading?

Thanks in advance for any help.

Found the answer.

Supplier credit is part of the Account Payable.
However, the supplier credit won’t show up in the aged payable report.

That’s because credits are not payable.

2 Likes

But from an Audit perspective all balances regardless of status should be included.
If your Balance Sheet - Accounts Payable account states that the balance is 12,675.86
Then the Accounts Payable report should confirm that balance per individual Supplier balances.
Your Accounts Payable report shouldn’t state 14,647.93 as that’s misleading and lacks full disclosure.

There is nothing wrong with having negative balances in the “current” column.
Especially from a corporations position the Accounts Payable report “MUST” equal the Accounts Payable account balance.

.

2 Likes

All true, if the report were Accounts Payable–in other words, a breakdown of the Accounts payable balance. But it isn’t. It’s Aged Payables. If you want the former, you have the drill-down report from the Summary, complete with individual Suppliers’ balances.

As things stand, you have a choice. That said, since absorption of separate Customer/Supplier credits accounts into Accounts receivable/payable, it might be nice to expand the aging reports with a category for credits.

Accounts Payable v’s Aged Payables

That is playing semantics, or creating an illogical justification for the reports shortcomings.
Until Manager, I have never used an accounting system where the “Aged” Payables report didn’t accurate reflect the Balance Sheet’s Accounts Payable account balance.

Please don’t suggest that the drill down is an alternate solution -
a) you can’t hand a drill down screen to an Auditor.
b) the drill down screen doesn’t contain aging which would be an audit requirement
c) the export of the drill down screen wouldn’t contain the aging.
d) the drill down screen is not static - on Jan 14 you can’t select balances as at year end Dec 31

The industry standard is that any internal reports should accurately represent the account balances.

No need to redesign the aged reports just have them reflect all balances +ve and -ve, and if a credit balance has existed for 60 days, show it under the 60 days column would be “best practise” otherwise under the current column at a minimum.

1 Like

Fantastic work you guys have been doing with this fantastic program. I would want to commend you for taking the time to answer our queries with so much depth.:heart_eyes: