Accounts Payable Aging Report 4.35

Accounts Payable Aging Report QuickBooks Desktop Pro 2020 https://accountinginstruction.info/ac... This presentation we will generate analyze a print and export to Excel and accounts payable aging report within QuickBooks Pro 2020, QuickBooks desktop 2020. We are in our get great guitars file we currently have the open windows open, you can open the open windows by selecting the view drop down up top and choosing the open windows a list. We're now going to be considering an AP or accounts payable aging report. 0:27 Whenever we think about anything except the major financial statement reports, the balance sheet and the profit and loss, we want to consider how this report will be supporting either the balance sheet or the profit and loss this one being accounts payable related, therefore it will be supporting an account the accounts payable account on the balance sheet. Let's first then open up the balance sheet. 0:47 If we go to the reports drop down, we're going to go to the company and financial we're going to go down to the balance sheet standard report. Within the balance sheet standard report we're going to change the date to Oh to 29 to zero recall the this is a report as of a point in time, we're now going to be considering the liability account our liability account of accounts payable. What does that account represent? It represents the amount that we owe to other people third parties to as QuickBooks calls them vendors, this is what we owe to vendors. So that's who we purchased from either services or possibly inventory to the vendors. 1:23 The next question, of course, with relation to the accounts payable is, who do we owe, who do we owe? Right? We know how much we owe in total. But who do we owe because we're gonna have to be writing a check to them at some point in the future. In order to see who we owe, then we can do a similar report as we saw with the accounts receivable, but instead of breaking it out with customer or by customer now breaking it out by vendor, those who we owe rather than those who owe us, we also might want to know whether the amount we owe is is current or the amounts that we owe our current or past due, so that we can see which ones we want to pay or which are the most immediate concerns for us to pay. In order to do that, we'll take a look at the accounts payable or AP aging report, we can find that report by selecting that reports drop down up top, we can go to the vendors and payable and look at the agent summary reports. Or if this isn't as familiar report, we can go into the report center. 2:21 Now note that the accounts payable aging report is going to be a major report for many type of companies. Many type of companies may have someone that manages accounts payable for the the entire cycle like we could have multiple people that are managed basically accounts payable in a large type of company. So this could be a very important report, as is the receivable aging report. 2:41 So if we go down, then we want to be taking a look at the vendors and payables we're going to be considering the accounts payable aging report. Now just note in this view, I'm going to switch this view so we could see it a little bit more detail. This would be a more detailed agent report where we have a lot of vendors involved here, the we will be looking at we don't have many vendors involved. So just note that this could be a very detailed report, the example that we have is just going to have basically one vendor in it that is a payable at this point of time. So it really just depends on the type of organization you are in. But note that this can be a very large and significant report. 3:17 For an accounts payable department to be running, I'm going to go ahead and run this report, we're going to change the date up top 202 29 to zero. Recalling once again, that this report is as of a point in time. So we don't need a date range, we don't need a date range in order to tell us how the thing is working. It's as of this point as of to 29. Where do we stand who do we owe and how past do are the amounts that we owe to them. We have a similar type of setup with the accounts receivable report, we have the total on the right now obviously, we only have the one vendor here. 3:53 So this is going to be fairly simplified report and that it would be just basically more vendors just as we saw with the receivables report, but this will give us the idea of it, we've got the total on the right that total venture tie out to the balance sheet. If we go back to the balance sheet, then we see the balance sheet here, then we know now who we owe because the accounts payable, aging is broken out by vendor back to the accounts payable aging. There it is we own Epiphone, that's who we buy our inventory from, then we want to know will help us do is the amount that we owe, it's not current, therefore it's past due, it's only one to 30 days