and now it's time to practice what we learned in the vendor section of this course this is a
mix of all of the vendor related transactions you will practice them and check that your numbers are
the same as mine now here's what the trial balance should look like before you start this exercise if
you have any numbers that are different you should stop the video fix your previous mistakes and make
sure you're starting with the exact same numbers here's what the vendor balance detail should look
like before you start this exercise and again I repeat if it's not exactly the same and I mean the
same line-by-line one by one that means you have to find and fix a mistake before you even start
the exercise here are the transactions that you're supposed to record for this exercise you can pause
the video in this position and then read the transactions one by one as you record them into
QuickBooks be very careful and you might have to refer back to a previous video to make sure
you're doing them correctly here is what the trial balance should look like when you finish if it
doesn't you have to use what you learned to find and fix mistakes you can pause the video in this
position to compare this trial balance to yours now here's what the vendor balance detail should
look like after this exercise remember it's not enough that the balance of each vendor is correct
you have to make sure that each individual line especially the open balance column each individual
line is the same as mine if not then you have a mistake now I'm going to ask you some common-sense
questions to see if you can figure out what mistake you might have made first question what
if your cash and bank account is too high and your cash on hand petty cash is too low you can pause
this video and listen to the theme of Jeopardy while you think about the answer now I'm going
to give you the answer you chose the wrong bank account when you wrote a check or paid an expense
or bill that happens all the time QuickBooks tries to remember the previous bank account
for each transaction window but it's not always the same and you have to check it carefully of
course the opposite is also true if your cash in bank was too low and your cash on hand petty cash
was too high that means you recorded a petty cash expenditure from the cash and bank account and
that's a mistake that you would have to go and fix using the techniques that we learned what about
this what if each vendors total balance is correct but the individual bill balances are wrong think
about that for a second what would cause that condition you can pause the video to think about
it but here's the answer it means you apply to bill payment to the wrong bill you got the right
vendor and you got the right money amount that's why the vendors balance is correct but you applied
it to the wrong bill use what you learned in the previous videos to find and fix your mistakes keep
fixing until your numbers are the same as mine and you should know that regarding all the other
possible vendor transactions you can watch the desktop videos for refunds and credits discounts
terms prepaids to vendors and reapplying bill payments good luck in your exercise