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Join nowI have a customer who purchased something for me, on my behalf. What they purchased was more than what they owe. How do I record that in quickbooks online? Thanks Cory
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You can record a barter transaction in QuickBooks Online (QBO), @nguyenmechanical. I'm here to guide you on how.
A barter transaction happens when you and your customer exchange goods and services. To record the exchange, you need to enter an invoice and a bill to record the products or services you’re exchanging.
Before doing so, please make sure you've added your barter partner as a vendor (for the bill) and customer (for the invoice). Since you can’t have the same name in both lists, make one of the names slightly different.
To start, you'll have to set up a barter bank account. This account will be used when you receive payment for the invoice and paying the bill. Here's how:
Next, you'll have to create an invoice and receive its payment. Since the customer already owes you money (assuming you've already invoiced the customer), you can directly receive the payment for it. Make sure to select the barter bank account in the Deposit to field. You can refer to this article for the detailed steps: Record invoice payments in QuickBooks Online.
Finally, enter and pay the bill. This way, you're able to record the purchase made by your customer. You'll have to select the barter bank account from the Payment account drop-down. For the step-by-step guide, you can refer to this article: Enter bills and record bill payments in QuickBooks Online.
For more insights, please refer to this article: Record a barter transaction.
Once you're done, create a credit memo transaction for the customer since they've purchased more than what they owe you. This will record the extra amount of their purchase.
Also, I'm adding this article to further guide you in managing both customers and vendor transactions using QBO: QuickBooks Help Articles. It includes topics about banking and paying expenses and bills, to name a few. You can even explore video tutorials to learn your way around QuickBooks.
Please keep me posted on how it goes. If you have other barter concerns and managing income transactions in QBO, let me know in the comments below. I'll gladly help. Take care, and I wish you continued success, @nguyenmechanical.
You can record a barter transaction in QuickBooks Online (QBO), @nguyenmechanical. I'm here to guide you on how.
A barter transaction happens when you and your customer exchange goods and services. To record the exchange, you need to enter an invoice and a bill to record the products or services you’re exchanging.
Before doing so, please make sure you've added your barter partner as a vendor (for the bill) and customer (for the invoice). Since you can’t have the same name in both lists, make one of the names slightly different.
To start, you'll have to set up a barter bank account. This account will be used when you receive payment for the invoice and paying the bill. Here's how:
Next, you'll have to create an invoice and receive its payment. Since the customer already owes you money (assuming you've already invoiced the customer), you can directly receive the payment for it. Make sure to select the barter bank account in the Deposit to field. You can refer to this article for the detailed steps: Record invoice payments in QuickBooks Online.
Finally, enter and pay the bill. This way, you're able to record the purchase made by your customer. You'll have to select the barter bank account from the Payment account drop-down. For the step-by-step guide, you can refer to this article: Enter bills and record bill payments in QuickBooks Online.
For more insights, please refer to this article: Record a barter transaction.
Once you're done, create a credit memo transaction for the customer since they've purchased more than what they owe you. This will record the extra amount of their purchase.
Also, I'm adding this article to further guide you in managing both customers and vendor transactions using QBO: QuickBooks Help Articles. It includes topics about banking and paying expenses and bills, to name a few. You can even explore video tutorials to learn your way around QuickBooks.
Please keep me posted on how it goes. If you have other barter concerns and managing income transactions in QBO, let me know in the comments below. I'll gladly help. Take care, and I wish you continued success, @nguyenmechanical.
Thank you very much.
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