Space for pervasive banner when authenticated
Record a barter transaction
Learn how to record a barter transaction in QuickBooks Online.
A barter transaction happens when you and your vendor exchange goods and services. To record the exchange, you’d enter an invoice and a bill to record the products or services you’re exchanging. Here’s how.
Step 1: Set up the barter bank account
Go to All apps
, then Accounting, then Chart of accounts (Take me there).Select New to create a new account.
Under the Account Type ▼ dropdown, select Bank.
Under the Detail Type ▼ dropdown, select Cash on hand.
Enter the account name. (ex. Barter Bank Account)
Select Save and Close.
Step 2: Create an invoice and receive payment
If you'd like to make it easy for your customers to pay an invoice online, check out QuickBooks Payments rates and apply.
Important: Before entering your barter transaction, 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.If your business operates on a cash basis, the invoice payment and bill payment should both be dated with the same date as the invoice or bill. |
Create an invoice
Select + Create.
Select Invoice.
From the Customer ▼ dropdown, select your vendor’s (barter partner) name.
Enter all the necessary information.
Select Save and Close.
Receive payment for the invoice
Select + Create.
Select Receive payment.
From the Customer ▼ dropdown, select your vendor’s (barter partner) name.
Note: The details and info from the invoice you’ve created earlier will appear under Outstanding Transactions.Fill in the date and amount.
Select the Payment method ▼ dropdown, then Add new.
Enter “Barter” in the Name field, then select Save.
Select the Deposit to ▼ dropdown, then select your barter bank account.
Select Save and close.
Step 3: Enter and pay the bill
Create a bill
Select + Create.
Select Bill.
From the Vendor ▼ dropdown, select your barter partner.
Enter all the necessary information.
Select Save.
Pay the bill
Select + Create.
Select Pay bills.
From the Payment account ▼ dropdown, select your barter bank account.
Select the bill you’ve created earlier.
Select Make payment under Balance Due.
Enter the amount.
Select Save and close.
You now have a record of the exchange. If the exchange of goods isn’t equal in value, the invoice or bill will show a balance due or credit.
Sign in now for personalized help
See articles customized for your product and join our large community of QuickBooks users.
Call Sales: 1-800-365-9606
