Negative Value on Payables

Expertise Accounting
1

I am getting a negative value on multiple payables lines due to payments being cancelled.

Please advise

  1. How to remove those negative balances from the vendors account and 2. How to correctly reverse a payment without this happening.

John

2

@jmesser

Thanks for reaching out to Cetec Support. I’ve sent this over to our accounting team and I will get back to you ASAP with an update.

Thanks,

Cetec ERP Support

3

@jmesser

I heard back from our accounting team and this is the best course of action.

Go to your AP payment list and go to the payments that are causing the negative values. Then close each of them. Because they are still open that is why they are still driving negative values.

When you issue an AP payments and then cancel it, then if they are not going to re-issue/re-use that payment to that vendor. you should verify that the AP amount and the Cash amount are both $0.00 then click the close button.

Let me know if you have more questions.

Thanks,

Cetec ERP Support