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I have several questions. Our business paid several vendors though our lawyer. We paid some settlements and paid some of the debt we owe to other vendors.
Now, I have a list of the amounts paid to each vendor and for some of these vendors I have bills entered on QB (Not for the settlements).
So my questions are, what is the procedure to enter the settlement payments and how do I apply the payments when we were not the ones that issued the check, but the lawyer. There is no way to enter a check to pay this settlement because it was not done through any of our banks accounts.
My other question is about the payments we made to the vendors that I do have bills for... for example, we owed $30,000 to ABC, Inc and we paid $15,000. I know we now owe $15,000 but how do I apply the payment when again, I don't have a check # or it was not done through our bank accounts and I don't know how ABC, Inc applied our payment? So I wouldn't know which bills to pay? I can ask for a payment a receipt but was wondering if there is another way to do this.
Thank you! I am sorry if the way I explained it is confusing.
Solved! Go to Solution.
Thanks for checking in with us, Kelly-GBGH1.
I'd be happy to provide you the procedure on how to enter settlements and payments via QuickBooks Online.
A Clearing Account is an account you use to move money from one account to another account when you cannot move the money directly. The following are the common uses for a clearing account.
Create a clearing account:
Also, you may find this article helpful: https://quickbooks.intuit.com/community/Income-and-expenses/How-to-enter-and-pay-bills/td-p/186102.
I'm always here to help you out if you need additional assistance with settlements and payments in QuickBooks Online.
Thanks for checking in with us, Kelly-GBGH1.
I'd be happy to provide you the procedure on how to enter settlements and payments via QuickBooks Online.
A Clearing Account is an account you use to move money from one account to another account when you cannot move the money directly. The following are the common uses for a clearing account.
Create a clearing account:
Also, you may find this article helpful: https://quickbooks.intuit.com/community/Income-and-expenses/How-to-enter-and-pay-bills/td-p/186102.
I'm always here to help you out if you need additional assistance with settlements and payments in QuickBooks Online.
Thank you! This cleared my doubts.
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