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Let me clarify things, @Just_me and @biz5.
When invoices you send in QuickBooks become uncollectible, you need to record them as a bad debt and write them off. Bad debt means a customer owes you money but you can't collect it. This ensures your accounts receivable and net income stay up-to-date.
To start, create a bad debt expense account.
Then, create a non-inventory item as a place holder for the bad debt. After, create a credit memo for the bad debt. Here's how:
Lastly, apply the credit memo to the invoice
I've also added this article that can guide you void transactions in QuickBooks Online: Delete invoices, expenses, and other transactions.
Let me know if you have other clarifications. I'll be around to answer your queries. Have a great day.
Hey there, biz5.
Thanks for dropping by the Community I'm happy to help. Below are the steps you can follow to record your clients payment to the vendor directly.
You can also check out this helpful article for further clarification and advice. I also recommend having an accountant look over your books, that way you can be sure everything is accurate and as it should be. If you need an accountant or want to see if there are any in your area that are also certified experts in QuickBooks you can check out our find an accountant tool.
If there's anything else I can do to help, feel free to post here anytime. Thanks and I hope you have a wonderful afternoon.
That doesn't sound right, at all. @Nick_M , WHY would you record a payment to someone else, in your own QB? That makes NO sense.
Let me clarify things, @Just_me and @biz5.
When invoices you send in QuickBooks become uncollectible, you need to record them as a bad debt and write them off. Bad debt means a customer owes you money but you can't collect it. This ensures your accounts receivable and net income stay up-to-date.
To start, create a bad debt expense account.
Then, create a non-inventory item as a place holder for the bad debt. After, create a credit memo for the bad debt. Here's how:
Lastly, apply the credit memo to the invoice
I've also added this article that can guide you void transactions in QuickBooks Online: Delete invoices, expenses, and other transactions.
Let me know if you have other clarifications. I'll be around to answer your queries. Have a great day.
@Rubielyn_J , That makes SO much more sense than the previous answer, by @Nick_M .
Thank you for clarifying.
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