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KTN984
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 1
Rose-A
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.

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