Accounts Payable Trial Balance Report

Accounts Payable Trial Balance Report

Accounts Payable Trial Balance Report is used to verify the Total Accounts Payable Liabilities in Payables, the Total Accounts Payable Liability should be equal in the general ledger. Before closing a period, compare the cumulative total liability provided by the AP Trial Balance Report with the total liability provided by the General Ledger to reconcile the balances.

The Trial Balance Report lists subtotals by supplier including all unpaid and partially paid invoices for which Payables created journal entries. Payable lists subtotals and the invoices by the Accounts Payable Liability account. These invoices represent your organization's outstanding accounts payable liability. Therefore, to get the most up-to-date trial balance, you should create journal entries for your payment and invoice activity before submitting this report.

AP Trial Balance Report presents outstanding accounts payable liability information; it is only valid for an accrual basis account method.

In case of Multiple Currencies (MRC), Payables displays a Rounding Adjustments for Liability Account field for each liability account that has a rounding error situation. You may have a very small rounding adjustment if you make several partial payments on a foreign currency invoice. The sum of the functional currency equivalents for those partial payments may not sum to the functional currency invoice amount.

Example, $1000.00 is a functional amount invoice versus $999.99 if you make multiple partial payments. This fully paid invoice does not show up on the trial balance but Payables does keep track of this small rounding difference so you can identify why the accounts payable balances may differ between your general ledger and Payables.

A positive amount represents an outstanding accounts payable liability in the general ledger if you have posted the invoice. This can result from non-payment, partial payment, or not creating a journal entry for the payment.

A negative amount can result from transferring a payment to your general ledger without transferring the invoice, or from transferring both the invoice and an overpayment.