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Thanks for getting back with more details, CasTakeOver.
Now,we have a clearer view of what is happening. We can easily record the bartered transactions in QuickBooks Online. Here are the steps that we need to take:
To see the details of every steps, you can browse this article: Record a barter transaction.
That's how we do it in QBO. Your accountant can also provide additional options about this. They know what's best for you and your books.
Feel free to get back to me if you need anything else. Have a great day!
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Hello there, info982,
You'll want to record the compliment service first as a gift certificate in QuickaBooks Online, then use it to pay for the service from the vendor. Here's how:
Then, proceed with these steps:
You can also consult your accountant on how to record this in QuickBooks. They'll be able to guide you on the correct process.
Here's another article for reference: Sell and redeem gift cards or certificates in QuickBooks Online
Let me know if you have other questions.
Sorry still a little confused as the vendor didn't give us a gift certificate we essentially traded services instead of money.
This is the situation:
**Our business is personal training and 1hr session costs $250
**Vendor business is photographer and her charge is $250 per hour
**We used the vendor for 4hr to get our photos done for our new website and in exchange we comp'd her 4x 1hr sessions to cover the value of $1000
So I create a bill under the vendor for $1000 (advertising & marketing expense)
How do I pay the bill since no physical money has exchanged hands but we have essentially sold 4x 1hr sessions to her for $1000 and been paid with 4hr of vendor charges (photography).