Created with Sketch.Learn about PPP and Loan Forgiveness, stay informed with the latest changes.
Created with Sketch.Questions about how to close your books for 2020? Visit our Year End Resources page.
Created with Sketch.New to QuickBooks or using a new product? Visit our Get Started resource page to help you get going.
Created with Sketch.Need to make changes to your account? Visit the Account Manager Portal.
cancel
Showing results for 
Search instead for 
Did you mean: 
Level 1

Construction draw paid for vendor invoice

How do I enter a payment for a bill from a vendor that actually came from a title company? Vendor bill is on our books, but part of the payment was paid through a construction draw submitted by us to the title company so the vendor's bill was paid by the title company. I don't know how to reduce the balance we owe to them by the amount paid by the title company. 

1 Comment
Moderator

Construction draw paid for vendor invoice

Hey there, KTN984.

 

You can enter a journal entry to reduce the balance you owe. However, the assistance of an accountant is a must to help and guide on which account to debit and credit. Also, this is to ensure your books is 100% accurate.

 

Here's how to enter a journal entry:

 

  1. Click + New in the left panel.
  2. Choose Journal entry.
  3. Fill out the fields to create your journal entry.
  4. Hit Save and close.

Here's a quick guide on how journal entries work in QuickBooks Online as well as on what are the rules you need to follow when entering them:

 

A QuickBooks Refresher on Journal Entries.

Adding Multiple AR/AP Lines on a Single Journal Entry.

 

You can always drop a reply below if you have additional questions. I'll zip right back to lend you a hand.

Need to get in touch?

Contact us