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ABC is my vendor, we purchase goods from ABC on credit basis. total payable amount is $ 5000.
we participated in exhibition . total expense on this exhibition was $ 1000. 50% of the expense amount will bear our Vendor ABC.
i create a customer ABC and send an invoice for the amount of $ 500.
against this invoice my vendor send me a credit note for the same amount of $ 500.
Please help how can i record this with valid authentication
Please NOTE: We are working with multiple currencies
Thanks
Solved! Go to Solution.
I can not help with your VAT or your multi-currency situation, but this is the concept to get it done
create a dummy bank called clearing
receive payment on the invoice, and deposit to the dummy clearing account
use write checks, do not print it, on the dummy clearing bank account select the vendor, and as the account select accounts payable, enter the amount, on the far right of that line select the vendor name in the name column, save
bring up pay bills, select the bill, and apply the credit the check created, then pay the balance when ready
I can not help with your VAT or your multi-currency situation, but this is the concept to get it done
create a dummy bank called clearing
receive payment on the invoice, and deposit to the dummy clearing account
use write checks, do not print it, on the dummy clearing bank account select the vendor, and as the account select accounts payable, enter the amount, on the far right of that line select the vendor name in the name column, save
bring up pay bills, select the bill, and apply the credit the check created, then pay the balance when ready
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