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Community Backer **

vendor

Hello,

 

I'm entering all my deposits,credits,&withdrawals from bank statements to QB.

 

I need help with assigning a vendor to the right account in QB Desktop.

This vendor (TEST) sold me a machine but ask for a deposit of $300 to hold the machine. We paid the deposit of $300. We used a financial/leasing company to help with the purchase/process so now we make monthly payment to the leasing company.

Once all the paper work was done we received the machine and the $300 deposit we gave to TEST company was returned to us.

 

This same vendor  (TEST) also sold us $100 worth of supplies for my business.

 

My question is to which account should I assign this vendor TEST which we bought supplies and gave the $300 deposit hold for the machine.

 

These are the accounts that I already have set up in my QB:

FIXED ASSET

LONG TERM LIABILITY

EXPENSE

 

Thank you

1 Comment
Established Community Backer ***

Re: vendor

you do not assign a vendor to an account, a vendor is just who you buy something from, that something is what hits the account you choose

In the transaction you explain there is no expense to be posted


the deposit should post to an asset account you create named something like vendor deposits

 

then you borrowed money to buy the asset, create a zero dollar transaction
line one the fixed asset account and the amount
line two, the long term liability account and the amount as a negative number
save

 

when you get the vendor deposit back, deposit it in the bank and use that vendor deposit account as the source account for the deposit

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