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Level 1

How to record using an A/P invoice for an A/R invoice?



I need help recording a transaction. I have an invoice from a customer, so I owe them money. They are a customer so they owe us money (a little more than we owe them). How do I record using the amount we owe them to cancel out some of what they owe us?


I'm fairly new to QB and accounting so I hope I explained myself clearly.

1 Comment
Level 15

How to record using an A/P invoice for an A/R invoice?

Make their Vendor Name. You have two relationships with them, and Honor that difference.


Make a Bank account and name it Barter.


Enter the bill for the vendor name. Now Pay the Bill from the Barter Bank. Or, simply use Write check from Barter Bank for what you owe them that is the Amount being bartered and this is the Reason you would have paid them.


Now you use Receive Payment from the Customer name for this same amount. Apply to their open charges and "Deposit" to Barter bank. Barter Bank ends at 0 for this one date, if you did this right, because that is the Barter process.

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