Thanks for reaching out to us for assistance, @ssalo. I'll be happy to outline the appropriate steps to record the transaction between you and your customer, who is also a vendor, in QuickBooks Online (QBO).
Based on your situation, we'll be recording a barter transaction. It occurs when you and your vendor trade goods and services. To record this, you'll need to enter an invoice and a bill to track the products or services you're exchanging.
First, let's create a barter bank account. If you haven't yet, ensure to add your barter partner as a vendor (for the bill) and customer (for the invoice). Since you're unable to have the exact name in both lists, make one of the names slightly different.
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Then, create an invoice and receive the payment. To do that:
- Go to the Customers menu and select Receive Payments.
- In the Received From dropdown, select your barter partner.
- Select Barter in the Payment method dropdown.
- Check the invoice to pay. Then, Save & Close.
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Once done, enter and pay the bill. Please refer to the steps below.
- Create a bill.
- Go to the Vendors menu and click Pay Bills.
- Tick the checkbox of the bill to pay.
- In the Account dropdown, select the Barter Bank Account you created.
- Click Pay Selected Bills.
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We'd also appreciate it if you could walk us through the process of how you recorded the transaction. This way, we can diagnose the issue and provide a more appropriate resolution.
Furthermore, QBDT provides various reports which display data from your company file. You may also customize them to filter the information and show only the necessary details.
Please don't hesitate to leave your follow-up questions about recording transactions in the comments below. I'll ensure to chime in right away to provide further explanation. Keep safe and have a wonderful rest of the day!