Accounts Payable represents the amount of money owed by a Company to its creditors.  This amount is recorded as a liability on the Company's balance sheet and should be reconciled periodically to account for items recorded through Financial Documents other than Vendor Payment and Vendor Invoice document types. 

  1. Run the Accounts Payable Aging Report for the Fiscal Period.  Arrange the report by Account/Org (Reports > Financial > Accounts Payable).

  2. Compare the Total Liability to the Accounts Payable balances on the Balance Sheet by running the General Ledger Summary Report for these accounts.

  3. Investigate/correct any variances.  To quickly identify variances, run the General Ledger Detail Report on document types OTHER than Vendor Invoice and Vendor Payment, since those are the only transactions included on the Aging Report. Enter a General Ledger Journal Entry to record any variance amount.