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We received an amount on our checking account. How can I apply both open AR and AP invoices to this and book the remaining amount to interest in the PL?

 
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Established Community Backer ***

Re: We received an amount on our checking account. How can I apply both open AR and AP invoices to this and book the remaining amount to interest in the PL?

use receive payments, select the invoice and save

 

use make deposits, deposit part of the amount to interest income, the rest to a cash account, save

 

pay the a/p bill from the cash account

QuickBooks Team

Re: We received an amount on our checking account. How can I apply both open AR and AP invoices t...

Hi there, mjak.

 

You can create a clearing account to apply the amount received for both Account Receivable (AR) and Account Payable (AP) invoices. You can follow the detailed steps in this article on how to set up a clearing/barter account: https://quickbooks.intuit.com/community/Help-Articles/Set-up-a-clearing-account/m-p/203728.

 

Once done, you can create and receive payment for the invoice transaction.

 

Here's how:

 

  1. Click the Plus icon (+) on the top menu.
  2. Under Customers, select Invoice.
  3. Fill out the invoice, then save it.
  4. Then, receive the payment for the invoice.
  5. Under Customers in the Plus icon (+), choose Receive Payment.
  6. Select the barter customer in the Customer drop-down, then fill the date and amount.
  7. Choose Add New in the Payment Method.
  8. Enter Barter in the name field, then click Save.
  9. Select Deposit To: and then select the barter bank account created above.
  10. Save the transaction.

Then, enter and pay the bill.

 

Here's how:

 

  1. Click Plus icon (+) on the top menu.
  2. Under Suppliers, select Bill.
  3. Fill in the required information.
  4. Then, pay the bill.
  5. Select the Plus icon (+) on the Toolbar.
  6. Under Suppliers, select Bill.
  7. In the Payment Account drop-down, select the barter bank account created above.
  8. Put a check for that bill under the Pay column.
  9. Enter the amount then Save.

On the other hand, you'll need to manually add a line item for interest when creating an invoice and bill. Then, you can consult your accountant on what account you'll need to use when setting it up.

 

Please reply to this post if you have additional questions. Thanks!

Established Community Backer ***

Re: We received an amount on our checking account. How can I apply both open AR and AP invoices t...


@RCV wrote:

Hi there, mjak.

 

You can create a clearing/barter account to apply the amount received for both Account Receivable (AR) and Account Payable (AP) invoices.

 

You can follow the detailed steps in this article on how to set up a clearing/barter account: https://quickbooks.intuit.com/community/Help-Articles/Set-up-a-clearing-account/m-p/203728.

 

Before entering the barter transaction, let's make sure the barter partner's name is in both the supplier list and customer center. Then, create and receive payment for the invoice for the barter transaction.

 


SO I am curious

 

Where do you get barter from based on the OP's question?

 

Where do you get partners from based on the OP's question?  How do you even KNOW there are partners?

 

 

 

QuickBooks Team

Re: We received an amount on our checking account. How can I apply both open AR and AP invoices t...

Hello there, Rustler.

Thanks for the call out. I already updated my answer above.

Established Community Backer ***

Re: We received an amount on our checking account. How can I apply both open AR and AP invoices t...

barter

I asked where you got barter from?