cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 1

I made a large purchase with another company because of the discount. The order is on one invoice and was paid by my company. I have received payment for the portion owed by the other company and deposited their check. How do I record this

 
2 Comments
Highlighted
Moderator

I made a large purchase with another company because of the discount. The order is on one invoice and was paid by my company. I have received payment for the portion owed by the other company and deposited their check. How do I record this

Hi there, Dave407.

 

You'll have to record a Bank Deposit in QuickBooks. I've got steps on how you can do it:

  1. Click the +New icon.
  2. Under Other, select Bank Deposit.
  3. Select the Account.
  4. Locate the payment in the Select the payments in this deposit.
  5. Click Save and close.

Once done, you can pay the bill. Here's how:

  1. Select the +New icon and choose Pay Bills.
  2. Select the Payment account.
  3. Choose the Vendor.
  4. Click Save and close.

You can learn additional information about entering and paying bills in this article: Enter and pay bills.

 

I'm also adding this article that will help you in reconciling your account.

 

Please let me know if you need more help with recording transactions in QBO. I'll be around to help.

Highlighted
Level 15

I made a large purchase with another company because of the discount. The order is on one invoice and was paid by my company. I have received payment for the portion owed by the other company and deposited their check. How do I record this

@Dave407 

 

To answer your question directly

 

When you enter the bill, you need to separate the things that go to the other company as a lump sum and post it to an expense account, misc expense or something

 

Then pay the bill

 

when you get paid back for that portion, deposit the payment and use Other Income as the source account for the deposit.

 

On the P&L misc expense and other income will wash with no effect on your P&L bottom line.

Need to get in touch?

Contact us