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How to record payment to open invoice paid by merchant

  1. Most of our projects are financed. To increase our cash flow, we started having our merchant pay our supplier directly, but our supplier still send us an invoice.

What we did was:

Received payment and recorded the merchant fees as usual, but also included the invoice amount deducted as a separate line.

Sent this to un-deposited funds  and then matched the transaction with the banks records 

The problem were facing is that now we are left with an open invoice (supplier) that we have no clue how to record or pay.

Help.

 

Solved
Best answer December 15, 2019

Best Answers
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Moderator

How to record payment to open invoice paid by merchant

I'm here to help you get this sorted out, georgegaviria1.

 

It seems like you're referring to a bill transaction. We can manually record the bill inside QuickBooks to mark this one as zero. Let me guide you the right way: 

 

Here's how:

  1. Click the +New icon.
  2. Select Pay Bills under Vendor, enter the appropriate payment account. 
  3. Select the transaction that you want to pay and enter the amount of it.
  4. Don't forget to put a check mark beside the payee's name.
  5. Click Save and Close by clicking the drop-down arrow at the bottom.

pay.PNG

save.PNG

 

The open bill will be closed once you're done with the steps above. You may want to verify it by following these steps. 

 

  1. Click Expenses on the left panel.
  2. Select the name of the vendor. 

zeroo.PNG

 

Also, you can pull up the Vendor Balance Detail report to see the balance amount of your vendor.  Here's how to do it:

 

  1. Click Reports on the left panel
  2. In the Search field, enter Vendor Balance Detail.

 

Want to know more on how you can customize the report? This article can surely help you to customize the report the way you want. 

 

You can always mention me if you need other help with setting up transactions inside QuickBooks. I'll be around for you!

View solution in original post

1 Comment
Highlighted
Moderator

How to record payment to open invoice paid by merchant

I'm here to help you get this sorted out, georgegaviria1.

 

It seems like you're referring to a bill transaction. We can manually record the bill inside QuickBooks to mark this one as zero. Let me guide you the right way: 

 

Here's how:

  1. Click the +New icon.
  2. Select Pay Bills under Vendor, enter the appropriate payment account. 
  3. Select the transaction that you want to pay and enter the amount of it.
  4. Don't forget to put a check mark beside the payee's name.
  5. Click Save and Close by clicking the drop-down arrow at the bottom.

pay.PNG

save.PNG

 

The open bill will be closed once you're done with the steps above. You may want to verify it by following these steps. 

 

  1. Click Expenses on the left panel.
  2. Select the name of the vendor. 

zeroo.PNG

 

Also, you can pull up the Vendor Balance Detail report to see the balance amount of your vendor.  Here's how to do it:

 

  1. Click Reports on the left panel
  2. In the Search field, enter Vendor Balance Detail.

 

Want to know more on how you can customize the report? This article can surely help you to customize the report the way you want. 

 

You can always mention me if you need other help with setting up transactions inside QuickBooks. I'll be around for you!

View solution in original post

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