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:
- Click the Plus icon (+) on the top menu.
- Under Customers, select Invoice.
- Fill out the invoice, then save it.
- Then, receive the payment for the invoice.
- Under Customers in the Plus icon (+), choose Receive Payment.
- Select the barter customer in the Customer drop-down, then fill the date and amount.
- Choose Add New in the Payment Method.
- Enter Barter in the name field, then click Save.
- Select Deposit To: and then select the barter bank account created above.
- Save the transaction.
Then, enter and pay the bill.
Here's how:
- Click Plus icon (+) on the top menu.
- Under Suppliers, select Bill.
- Fill in the required information.
- Then, pay the bill.
- Select the Plus icon (+) on the Toolbar.
- Under Suppliers, select Bill.
- In the Payment Account drop-down, select the barter bank account created above.
- Put a check for that bill under the Pay column.
- 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!
