Vendor bil

Anonymous · ‎April 23, 2022

Hi I need solution for this.

I buy goods from Dubai vendor.i send money to my agent in Dubai then he buys goods from there with the money.i know how to record that bill including landed cost.but the problem is ,there is my freind every time I am buying from there he also wants to buy goods from Dubai and he wants that I pay for him so that he pays back when his goods arrives or later.so I need to track the money for his bill including shipping cost taxes etc.so how do I track my freind's bills and shipping cost which I pay from my own company bank.i need to track that money .maybe he pays back some bills months later so I want to track that money

AlexV · ‎May 03, 2022

Hi Muhammed0225!

Thanks for the reply. I understand that you need more assistance in tracking this bill including your friend's cost. I'm here to help and ensure that you'll be able to record it properly.

Good to know that you created an asset account already as suggested by Rainflurry. You can still create a billable expense without turning on the Mark all expenses as billable option from your Preferences. So, let's skip this part.

Go to the Vendors menu, select Enter Bills, and enter your friend's cost on the Expenses tab. Make sure to select the asset account you created, select your friend as a customer under the Customer:Job column, then check the Billable column. Check the screenshot below for your reference.

Then, go to the Customers menu and select Create Invoices. When you select your friend as a customer under the Customer:Job drop-down, there'll be a pop-up so you can choose either to include the billable expense. Select the first option, then OK. Here's what it looks like:

To record the payment you received from your friend, go back to the Customers menu and select Receive Payments. You can also check this link for the detailed steps on how to record payments: Record the invoice payment.

In addition, I added this article if you need help in creating a deposit: Deposit your customer’s payment. This is needed to transfer the funds from your undeposited funds account to your bank account.

You're more than welcome to post here again if you have concerns regarding vendor bills. If you'd like to record some entries or run a few reports, let me know and I'll guide you with the process.

View solution in original post

Jovychris_A · ‎April 23, 2022

Thanks for posting to the Community, @Anonymous.

The closest thing that I can think of this is entering the amount as a retainer. However, since you haven't received the amount yet, it sounds like it's not a good method to record it that way.

In this case, I'd suggest you consulting an accountant first so that we'll know what's the best way to handle that money. I'm sure they are knowledgeable about it. If your accountant advises you to record the money as a retainer, you can follow the steps in the article about entering upfront deposits or retainers in QuickBooks Desktop.

Feel free to visit us back if you have other questions. We'd love to answer questions here and help our customers in QuickBooks Desktop. Stay safe and well!

Anonymous · ‎April 23, 2022

Thanks for the reply

I have no accountant.i am small shop owner I do the accounting by myself so I still need good solution for this.

GlinetteC · ‎April 23, 2022

Not to worry, Muhammed0225.

I can help you get one through our Intuit Find a ProAdvisor site.

From there, you can find certified professionals in your area that can help you in recording a vendor bill. This ensures your books are updated. I'll show you how:

Go to this link: https://quickbooks.intuit.com/find-an-accountant/.
Enter City or ZIP on the field provided.
Click on Find a ProAdvisor.

The steps are sure to help you get an accountant in no time!

You can also visit our manage vendor page to search related articles for future reference.

I'm just a post away if you have additional questions managing bills in QBDT. I'll be right here to help you more.

Rainflurry · ‎April 24, 2022

@Anonymous

First, enable billable expenses - Edit > Preferences > Time & Expenses > Company Preferences > check 'Mark all expenses as billable'.

Second, set up an 'Other current asset' account called 'Due from friend'. When you get a bill from your Dubai agent, assign the amount that your friend owes you to the 'Due from friend' asset account, select your friend under 'Customer:Job' and check the Billable? box.

Then, you can create an invoice and bill your friend for the cost. When you create the invoice and select your friend as the customer, you will be prompted to include the billable expense. Select the expenses. Then, when you receive the payment from your friend, receive the payment against the invoice.

Anonymous · ‎May 03, 2022

@Rainflurry wrote:
@Anonymous

First, enable billable expenses - Edit > Preferences > Time & Expenses > Company Preferences > check 'Mark all expenses as billable'.

Second, set up an 'Other current asset' account called 'Due from friend'. When you get a bill from your Dubai agent, assign the amount that your friend owes you to the 'Due from friend' asset account, select your friend under 'Customer:Job' and check the Billable? box.

Then, you can create an invoice and bill your friend for the cost. When you create the invoice and select your friend as the customer, you will be prompted to include the billable expense. Select the expenses. Then, when you receive the payment from your friend, receive the payment against the invoice.

Thanks freind for your help

I will follow your steps.but some of the steps I didn't understand.could you please give me screenshot of the steps.i created other current asset ......Tel me only next steps with screenshots thanks

AlexV · ‎May 03, 2022

Hi Muhammed0225!

Thanks for the reply. I understand that you need more assistance in tracking this bill including your friend's cost. I'm here to help and ensure that you'll be able to record it properly.

Good to know that you created an asset account already as suggested by Rainflurry. You can still create a billable expense without turning on the Mark all expenses as billable option from your Preferences. So, let's skip this part.

Go to the Vendors menu, select Enter Bills, and enter your friend's cost on the Expenses tab. Make sure to select the asset account you created, select your friend as a customer under the Customer:Job column, then check the Billable column. Check the screenshot below for your reference.

Then, go to the Customers menu and select Create Invoices. When you select your friend as a customer under the Customer:Job drop-down, there'll be a pop-up so you can choose either to include the billable expense. Select the first option, then OK. Here's what it looks like:

To record the payment you received from your friend, go back to the Customers menu and select Receive Payments. You can also check this link for the detailed steps on how to record payments: Record the invoice payment.

In addition, I added this article if you need help in creating a deposit: Deposit your customer’s payment. This is needed to transfer the funds from your undeposited funds account to your bank account.

You're more than welcome to post here again if you have concerns regarding vendor bills. If you'd like to record some entries or run a few reports, let me know and I'll guide you with the process.

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