We are new to Quickbook Enterprise and we need some assistance with posting an EFT

Hi, petro72-kthaxton. Heres some information to help with your inquiry.

It sounds like when you say negative payment you want to add a credit to that vendor.

You can add credits to vendors by following these steps:

1. Select Vendors then Enter Bills from the Menu Bar.
2. In the Enter Bills window, select the option button for Credit at the top of the window.
3. Then ensure the word Credit appears at the top of the form.
4. Then select the name of the vendor who issued the credit from the Vendor drop-down.
5. Enter the date you received the credit from the Date calendar selector.
6. Enter any associated credit number into the Ref. No. field.
7. Then enter the amount of the credit into the Credit Amount field.
8. Then select the affected accounts or items on the Expenses or Items tabs at the bottom of the window.
9. Finally, click the Save & Close button to save the credit for later use.

You can even transfer these credits to customers by using the billable button within the Credit form. You can also create Memorized Transactions. With this feature, you'll have a repeated transaction be automatically entered in QuickBooks. After creating those memorized transactions you might want to try creating recurring checks to that vendor.

I hope this helps with your day to day workflow. If you have any follow-up questions, please feel free to reach back out to me. 

We can enter the credit card transaction to the vendor record as a credit, but it still does not solve the issue with the EFT payment to our bank account.  If we selected the credits for the transaction and the debits (invoices) there is always more credits than invoices, leaving a DEPOSIT .... or negative payment to our checking account.  It will not allow us to do this.  How can we get this transaction done?

We have a lot of these transactions with multiple vendors, so this is a major issue that we have to get some sort of resolution for.

In much need of an answer to this!

Hi, Petro72-kthaxton. 

When it comes to the process for your workflow, a second look by your accountant might be helpful. If you don't have one, we have several in your area available to help. They're our ProAdvisors, who are accountants trained in QuickBooks. Many of them have consultations they offer free of charge. You can find them and narrow down the list of ProAdvisors that best fit your needs here. 

Unfortunately, this did not fix our issue.  We can enter credits to the vendor, but when the vendor  DEPOSITS ACH into our bank account each week, I do not see how you can apply credits and invoices for the same vendor and then apply the balance as a deposit in our checking account.

Can this be done?

We could go to deposits and enter a deposit into our account from the vendor's ACH payment to us, but then this will not hit the vendor history.  We would like this to show on the vendor history (the credits and invoices)

Good day @petro72-kthaxton,

You can set up a clearing account in your QuickBooks Desktop Account to move all the deposited money from your customer and pay a bill to your vendor. All the money in and money out transactions will be moved to that account.

You can record this transaction using Journal Entry. I also recommend asking for advice from your accountant to move the affected account correctly.

To check if the transactions are recorded to your vendor, you can use this link: How can I print a payment history report for a Vendor.

If you have any concerns, please don't hesitate to drop a comment below. I am here to help.