how to process this transaction when it's only partially paid?

Swordfish · ‎June 02, 2020

With this client I'm working with there's this one darn transaction that comes in every month that I spend a looong time with each time. I've only spent an hour this month, which is an improvement. Last month it was 2 hours plus hahaha.

Anyway so I've figured out the complicated part, which was dealing with the various FX issues. I now have a small part left. I've been billed for, let's say, $25K (in the foreign currency). $24K has been paid and hit the bank feeds, so $1K is owing.

I've already entered in the $25K bill. How do I process the rest of it?

katherinejoyceO · ‎June 02, 2020

Hello there, @Swordfish.

Thanks for visiting the Community. Great to hear that you've figured out some of the complicated part in dealing with the foreign currency.

Since you've already entered the bill of $25,000, the next step is to create a Check and enter $24,000 to show that the bill is partially paid. Here's how:

Go to the + New menu, then select Check.
Select a vendor in the Vendor drop-down list.
Add the Bill from your left panel amounting to $25,000.
Enter $24,000 in the Amount field. Ensure that it matches the amount in the Payment field.
Enter other necessary details in the fields, then select Save and close.

For more information, refer to this link: Enter and pay bills. It helps you learn about the different ways to enter and pay your bills in QuickBooks Online (QBO).

For future reference, read through this article: Assign a foreign vendors with their specific currency. It helps you learn about how to turn on the multi-currency feature in QBO, and adding a foreign vendor in the vendor list and, in a form.

Feel free to visit again should you need further assistance. We're always delighted to help some more.

View solution in original post

katherinejoyceO · ‎June 02, 2020

Hello there, @Swordfish.

Thanks for visiting the Community. Great to hear that you've figured out some of the complicated part in dealing with the foreign currency.

Since you've already entered the bill of $25,000, the next step is to create a Check and enter $24,000 to show that the bill is partially paid. Here's how:

Go to the + New menu, then select Check.
Select a vendor in the Vendor drop-down list.
Add the Bill from your left panel amounting to $25,000.
Enter $24,000 in the Amount field. Ensure that it matches the amount in the Payment field.
Enter other necessary details in the fields, then select Save and close.

For more information, refer to this link: Enter and pay bills. It helps you learn about the different ways to enter and pay your bills in QuickBooks Online (QBO).

For future reference, read through this article: Assign a foreign vendors with their specific currency. It helps you learn about how to turn on the multi-currency feature in QBO, and adding a foreign vendor in the vendor list and, in a form.

Feel free to visit again should you need further assistance. We're always delighted to help some more.

Swordfish · ‎June 04, 2020

thanks a lot! i'll try it out

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how to process this transaction when it's only partially paid?