Unfortunately in QBO any bank you are adding has to be listed on the QBO system:

https://quickbooks.intuit.com/community/Banking/How-do-I-manually-add-a-bank-account-that-is-not-fou...

Do you know a work around?

Hello there, @brentik.

Thank you for posting in the Community. Allow me to help share some insight about adding your bank to Intuit Financial Institution, and other ways to download bank transactions. 

Intuit can't make a connection without the bank's partnership, and some banks may choose not to allow a connection. Additionally, it also depends on the bank's agreement. 

As my colleague, JanyRoseB, suggested on the post you've shared, you can contact your bank to send a request to be part of the Intuit Financial Institution. Just follow the steps she provided on that post. 

In the meantime, you may still be able to download transactions from your bank's website and upload them to QuickBooks Online. The following articles contain more details based on the method you wish to use: 

• Upload more than 90 days of bank transactions through Web Connect 
• Import bank transactions from Excel CSV file to QuickBooks Online

That should get you back on track. Drop me a comment below if you have any other questions about connecting your bank or about downloading bank transactions into QuickBooks. I'll be happy to help you out. Wishing you and your business success. 

Online or Desktop I often run into an Employee that is also a vendor for Expense check purposes.

In Employee file = Ann Drake

In Vendor file       = Ms. Ann Drake

Works and keeps you on track,  Even in reports when you see the Ms or Mr you know it is an expense not  related to payroll.

The customer and vendor issue happens when you need to refund (not electronically) to the customer.   Same act.   Customer file = Big Dog Toys    

                                          Vendor file     = The Big Dog toys

9 times out of 10 this works, sometimes you get a bank that will not accept the check because it is not the correct business name.   In that case you put "the" on the Customer file and leave it off the Vendor file.

Leilani Griffiths

Extraordinary Bookkeeping Services

[removed]

Hi Ray! I'm hoping you can help me with something similar to this but a little different. Tech support was no help. I have a customer that I invoice for products they buy from me and this customer has trade shows that I pay to be a part of. I want to pay them for the show with a "credit memo" that they can then deduct from their next invoice. So they aren't actually ever even sending me an invoice I am just sending them an application for a spot with a payment enclosed. But when I go to make a traditional credit memo in QB you can only choose income accounts, not the expense account I want to use.  How do I send them a "credit Memo" that I can apply as a payment towards a future invoice and that I can expense to an expense account?

Hi there, chattypc02,

I can help share information on how to record and manage your transactions in QuickBooks Online.

In your case, you can create a Bill to your Vendor and make it Billable to your Customer.

Here's how:

1. Click the Plus icon at the top, then choose Bill.
2. Select a Vendor, then enter the necessary information.
3. In the Account or Product/Service field, choose the expense account or product/service for the item or service you purchased for the customer.
4. Enter the cost of the items in the Amount field.
5. Enter a Description of the items.
6. Choose the customer to be billed for the item or expense from the Customer drop-down.
7. Choose the Billable checkbox.
8. Click Save and close.

Once done, you can create an Invoice to your Customer, then link the Billable expense.

Here's how:

1. Click the Plus icon at the top, then choose Invoice.
2. In the Choose a customer field, enter the customer name. Open billable expenses will populate the right side of the screen.
3. Choose Add for the billable expense you like to include in the Invoice.
4. Click Save and close.

That's it! By following the steps above, you're now able to record your vendors payment and apply it to the future invoice.

For more information about this process, you can read this article: How to enter billable expenses.

For future help, you can always visit our QuickBooks Community help website for QuickBooks Online "How Do I" steps: QBDT Self-help.

Keep me posted on how it goes. I'm always here to help in recording your transactions. Best wishes.

Absolutley this is the most accurate way to do this. To do a banlk account will create a incorrect cash in hand profile possibly impacting your taxation.

This is a very tricky situation.  To do this correctly takes time . Different experts will explain different procedure . There is no one correct way because on my opinion will respond to your time of business category.  For example, if you are exchanging service for service will not be same as to exchange service of Inventory goods.

In any of the cases, one step need to be taken forward. You will need to register  and differentiate Vendor and Client. You can not use the same profile for both transaction. For example, if the name of the client is  Client X, Inc.., you will enter the client list as Client X_c, Inc to describe the income activity and enter and enter the name ClientX_v under the vendor list to described the expense activity.

After completing the Purchase activity from Client X,  d a delay Bill and create invoice . Then create journal entry to link the Account payable and the account receivable of these activities. Enter invoice number of  invoice and the bill  in space provided for notes.

Special attention is to be taken when entering the journal entry.  Make sure that you link both profiles credit and expense relationship correctly. 

I know this is cumbersome, but is the correct way specially when noting  the taxation that correspond.  In some  states this types of exchanges in services may be exempted from taxation. But not in all jurisdictions.

Hope this be helpful.

Vendor and customer have to be two unique names. Append a period to one. You need credit memo for vendor side to apply to vendor bill entered later.

Despite properly separating their vendor from customer side you can post an expense on a customer credit memo - you just need the proper product/service created.

Better in my opinion is still using a clearing account and in this situation falls under realm of barter

This is a good work around. I have one question. How will this affect the reconciliation since this is a dummy transaction? 

This worked like a charm!

The only thing the author left out is the TYPE of account that PREPAID should be ... we chose 'other current asset'.   

I'm attaching a screenshot of the two Journal Entries we created.

After we were done, the customer balance went down to zero, and the vendor balance went down by the amount of the invoice on the customer side.  In our case, I don't ever foresee having the customer invoice MORE than the vendor bill, but I'm sure that if it would be reversed the methodology would work the same way.

This was EXTREMELY helpful - thanks so much!

I like the method PTLLC uses rather than creating a bank account.   I follow you up to the point where I go to Vendor-Pay Bills. 

In Customer-Receive Payments, I selected the customer name and applied the credit via "Discounts and Credits" tab.  This then zeroes out the Customer invoice.   So all good there. 

BUT, then I go to next step to Vendor-Pay Bills.  I select the Vendor and the bill to pay, but there is NOT a credit to apply to the bill (the amount applied in Customer-Receive Payments).   

In my situation, the amount of the Customer Invoice (that they owe us) is always less than the amount of the Vendor bill (that we owe them).

If anyone can provide the advise of why I cannot find the credit to offset in Vendor-Pay Bills, I would appreciate it very much.   Thanks. 

There's another way on how you can do apply credit, Simplicity500.

Ideally, you can turn on the Automatically apply bill payments option to automatically apply the credit to your bill so it will apply to the correct open bills.

Here's how:

1. Click the Gear icon at the upper right corner.
2. Under Your Company, click Account and Settings.
3. Go to the Advanced tab in the left panel.
4. Select Automation and put a checkmark for Automatically apply bill payments..
5. Click OK.
6. Click Done.

Once done, let's locate the credit to apply it to your bill. You can follow the steps below.

1. Click + New.
2. Select Pay bills or Pay bill.
3. Select a bill for your vendor from the list. You'll see the available credit with this vendor in the Credit Applied field.
4. Complete the rest of the fields like you normally do.

Please check this article for detailed steps. Apply Vendor Credit To A Bill

You'll want to add and match transactions after you've applied for the credit. Here's an article for the detailed steps. Categorize And Match Online Bank Transactions In QuickBooks Online.

Post a comment below if you need help from us.

Thanks so much for the reply, Maria.  I use QuickBooks 2018 Premier Nonprofit Edition.   The automatically apply bill payments is not really my issue.   I do apply any Vendor credits against Bill payments on a regular basis.  I was hoping to find a way that I could offset a Customer invoice to a Vendor Bill and thought that the method PTLLC noted in this string of responses may work for me, but it does not as no credit shows up to offset against a Vendor bill.  

After lots of thought, the only workaround I can think of is that I will pay the EFT to the Vendor (Bill payment, less the Customer invoice = net EFT payment).   Then to record in QB I will pay the Vendor bill payment as per usual on Pay Bills.  Then I will pay the Customer invoice on the Customer Payment screen and then Record deposit.   Then on the bank statement (and reconciliation) every month, I will just mark the Deposit and the Payment with lines to each to get the net amount of the EFT.   Not ideal for sure, but its the only thing I can think of at the moment to get these done.  :)

I do thank you for your response.  

Hello 

Hello PTLLC
May I email or chat privately? About the post on the A/R -A/P

May I clarify with you the reply  about creating a J/E?

Welcome and thanks for joining this thread, jssd6175.

It would be my pleasure to answer any questions you may have about creating a journal entry QuickBooks. Can you please let me know more details about it? Any additional information will help me provide and ensure a timely solution.

Check out these journal entry related articles for additional guide and reference:

• Create a journal entry in QuickBooks Online
• Reverse or delete a journal entry

Thanks for reaching out, I look forward to hearing from you.

Hey I hope you are still available. So we need to create a clearing account and transfer the amount there right? Like receive money from an invoice and then pay that amount to Vendor without actually performing the function...

I appreciate your time joining in this thread, Muz123.

Yes, you will need to create a clearing or barter account. This will be used to record the exchange.

Here's how:

1. On the left panel, select Accounting > Chart of Accounts.
2. Click New and from the Account Type drop-down menu, select Bank.
3. Under the Detail Type drop-down, choose Cash on hand.
4. Enter the account name. (ex. Barter Bank Account)
5. Click Save and Close.

Once done, you can follow Steps 2 and 3 in this article: Record a barter transaction to zero out the account.

If you have more questions with QuickBooks Online, please feel free to post them here. I'll be around to help you some more. 

Transfer funds from A/R to A/P ?

Hi there, kkkkkkkkkkk.

You'll want to follow the steps shared by RenjolynC. This will let you transfer the funds.

You can also check this link for more details on how to record a barter transaction.

Please leave a comment again if you have more questions. Thanks!

Reference: https://www.softwarediscountcenter.com/quickbooks-help/2009/07/02/ask-the-quickbooks-specialists-how....

Tags: QuickBooks, QuickBooks Enterprise, QuickBooks Point of Sale, QuickBooks POS