Kelley,
I am sorry if my answer seemed dismissive. Ian is exactly right - I was reacting to you saying that you need to show proper information to "investors" and it seemed pretty time sensitive. Maybe I misread the urgency/importance in your original post.
I have spent significant time helping GP companies 'clean up' transactions entered incorrectly in the past and it's usually much more involved than it sounds at first. Usually the initial issue has actually cascaded to a number of additional issues throughout the system. For that reason, and thinking that you needed to get this resolved quickly, I suggested that you talk to your GP partner or a consultant so they could look at your system together with you and give you the best, quickest help possible.
The issue as I understand it, is that you entered a number of "one sided" subledger entries. By "one sided", I mean that there is a payment, but no invoice to go along with it, so as far as the Payables subleger knows, all you've done is paid vendors, and thus it's showing them with negative balances. From reading your posts it sounds like you were thinking that if your GL distributions do not hit the AP account, this will be fine, but this is not how GP works. Any subledger transaction in GP will do 2 things:
1. Post to the subledger recording what has happened in detail, regardless of the GL distributions entered.
2. Post to the GL using the GL distributions only, regardless of what has happened in the subledger.
Only when these two match will you be able to reconcile your subledger to the GL. And in many cases GP will not enforce this for you – it’s on you to make sure things are entered properly. This is good and bad - it's good because you have a lot more options and control over your accounting entries. It's bad because the system will typically not prevent you from making mistakes when the GL distributions do not match what the subledger is recording.
That was all just a little bit of the "theory" behind how this works.
If I understood the issue properly, to fix this, I would recommend entering payables invoices that hit the same account (doesn't matter which account) for both the debit and credit. Your GL is correct - you just need to clean up the AP subledger and this will accomplish it. If you don't care about being able to print correct historical aged trial balances, you can enter one invoice per vendor. Otherwise, you would need at least one per month/fiscal period. Once you post those invoices, your vendor balances should show up properly, however you will still have a bunch of unapplied transactions, to finish cleaning this up, you would need to apply the payments you previously posted to the these invoices. (If you’re doing this per month/period, make sure to change the apply dates as needed.)
Hope that helps.
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