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I am posting as a payable charge, herbicides, fertilizers and canola seed purchases to an accounts payable. Then at certain times of the year this payable account is paid with a loan from FCC. What I am noticing is the on the Income and Expense statement at the end of the year the herbicide, fertilizer and canola seed figures differ from the figures that are on the same expenses(herbicides, fertilizer & Canola seed) in the Chart of accounts expense tab. These payables are all paid in full at the end of the year. They should be the same, but they are not, why??? Am I not posting them correctly?
It sounds like you're posting them correctly Debbie. If there are no outstanding invoices tied to those expense accounts at the end of the year, then the only reason for the difference between Cash (your report) and Accrual (your chart of accounts window) would be a balance that was carried over from the previous year and paid in the current year. You can investigate the difference using the Accounts Payable Charge Reconciliation report. It lists out all of your invoices and then also shows when payments were applied against them.