Physical commodity (Gold) received as payment...how to "Deposit" in QB?
I received a payment from a customer that settled their debt with physical gold coins. As I would like to keep the physical commodity as an investment, how do I record the payment of their loan account when no money was deposited into the bank account and track the addition of the asset at the same time?
Physical commodity (Gold) received as payment...how to "Deposit" in QB?
You can create a new Other Current Asset GL account for the asset and a new item mapped to the newly created GL account. Create a Credit Memo using the new item and then apply the credit to the open invoice. This will create an asset value equal to the balance owed to you, but you may need to record a gain/loss entry to adjust the asset value to actual - you should ask your accountant to confirm the total value that should be recorded for the gold coins.
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