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Experienced Member

Supplier payment through journal entry

I have suppliers which are paid directly by the owner/ director of the company. Now I want to make the payment entry in my books bu journal, i.e. debiting the supplier and crediting the partner. In journal entry option when I select category I do not get an option of supplier or the supplier name. In payment screen I cannot select the current account of partner which is created as long term liability under other liabilities as a payment option. So please advise the transaction recording.

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Best answer 3 weeks ago

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Established Community Backer ***

Journal entries should be the exception when using QB, th...

Journal entries should be the exception when using QB, they often do not work as you think they should, and  when you use inventory type items they never work for inventory. It is much better to use the forms on the home page the way QB is designed to be used.    Journal entries also bypass accrual/cash reporting, and will not show on many reports.

use a zero dollar expense

line one, the expense account he is paying and the amount

line two, the owner equity investment account and the same amount as a negative number

save

2 Comments
Established Community Backer ***

Journal entries should be the exception when using QB, th...

Journal entries should be the exception when using QB, they often do not work as you think they should, and  when you use inventory type items they never work for inventory. It is much better to use the forms on the home page the way QB is designed to be used.    Journal entries also bypass accrual/cash reporting, and will not show on many reports.

use a zero dollar expense

line one, the expense account he is paying and the amount

line two, the owner equity investment account and the same amount as a negative number

save

Established Community Backer ***

A journal entry is fine. " In journal entry option when...

A journal entry is fine.


" In journal entry option when I select category I do not get an option of supplier or the supplier name."

Use Accounts Payable, or maybe it's called Creditors.  I assume you have already created a Bill, that raises the debt in Accounts Payable


"In payment screen I cannot select the current account of partner"

What payment screen?