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Level 1

How do I offset what I owe a vendor, by what that vendor purchased from me?

We have expenses entered (reconciled) for items purchased on behalf of an entity that is "mostly" a vendor. That person owes $1677.46 for those items, and we've created an invoice. Same person provided service for which he sent us a bill in the amount of $2575, Total owed TO this person is therefore $897.54. I can't just apply the 1677.46 as a discount on his bill because it won't settle the issue of his payment not being received.

 

I've read through all related questions and the closest thing I can see this being is a barter, but it's not an even swap. Would it still apply? How would I do that, to handle the remaining balance owed?

 

Ideally I'd like to figure out how to simply apply what he owes us as a credit to what we owe him...but it's the step between the (expenses+invoice) -> credit on our bill that I'm missing....

 

 

Using QB online, btw.....

Solved
Best answer 02-24-2019

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Level 15

How do I offset what I owe a vendor, by what that vendor purchased from me?

No this is not barter

Receive payment on the customer invoice and deposit that amount to a cash type bank account

 

bring up pay bills, use the cash bank account as the payment source and make a partial payment in the amount you deposited in the cash bank account, save

 

then pay the balance of the bill when you ready.

View solution in original post

2 Comments
Highlighted
Level 15

How do I offset what I owe a vendor, by what that vendor purchased from me?

No this is not barter

Receive payment on the customer invoice and deposit that amount to a cash type bank account

 

bring up pay bills, use the cash bank account as the payment source and make a partial payment in the amount you deposited in the cash bank account, save

 

then pay the balance of the bill when you ready.

View solution in original post

Highlighted
Level 1

How do I offset what I owe a vendor, by what that vendor purchased from me?


@Rustler wrote:

No this is not barter

Receive payment on the customer invoice and deposit that amount to a cash type bank account

 

bring up pay bills, use the cash bank account as the payment source and make a partial payment in the amount you deposited in the cash bank account, save

 

then pay the balance of the bill when you ready.


Thanks Rustler! Thought I was overcomplicating things....

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