I need HELP!! Last year, 2012, I began my journey into GP. New company, new to GP. I just jumped right in and started paying vendors. I did not use, was not trained (not that it matters now) in the complete payables process. Long story short, I have vendors that have credit balances ie; (10,430) on my trial balance report. This is producing a completely wrong payables balance on my balance sheet. For the majority of my vendors I paid in early part of 2012 I wrote checks, paid vendors but created NO INVOICE. My entries hit the bank and the asset, but also affected the vendor balance. I cannot remove the entries as some blogs have suggested because I am assuming that process will affect my bank account since it was the original entry. What do I do??? I've hinted to the investors that the balance is wrong on the balance sheet but I have got to get this fixed. What I do not understand to be honest is that if my original entry was bank /asset why is it hitting my payables balance on my balance sheet. I never created a PO or an invoice. I'm very confused. Thank you for your help!
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