Posting A/P & A/R entries.

Question:

My name is Greg and I am a Business Manager for a non profit. Our year goes from July 1 to June 30 and our full year audit is due today. I went to post the year-end journal entry and quickbooks is telling me that a customer name must be provided on this split line entry. I am confused and getting frustrated. Any advise or help would be greatly appreciated.........

Answer:

Anytime that you post to an accounts receivable account, you must include a customer on the split line, otherwise your receivable accounts would be inaccurate. The same is true with accounts payable...you must include a vendor to keep A/P aging reports accurate.