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Join nowWe have a company that are both a vendor and a customer for various reasons. How can I credit the customer invoice (amt owed to us) to the vendor invoice (owed to them). We are going to pay the net amount but would like it to reflect on each side
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Hi HFS3!
Welcome to the QuickBooks Community! I hope you're having a wonderful day. I'll guide you in offsetting the balances.
To do this, we will create a barter or wash account, where we can transfer the balance of the invoice to be used to pay the bill in the vendor profile. A barter account, on the other hand, is set up as a bank account in QBO and normally has no balance.
Step 1: Set up the barter bank account
Step 2: Receive payment for the invoice
Step 3: Partially pay the bill using the invoice balance
If you have any questions, don't hesitate to come back to this thread for help. Have a great day!
Hi HFS3!
Welcome to the QuickBooks Community! I hope you're having a wonderful day. I'll guide you in offsetting the balances.
To do this, we will create a barter or wash account, where we can transfer the balance of the invoice to be used to pay the bill in the vendor profile. A barter account, on the other hand, is set up as a bank account in QBO and normally has no balance.
Step 1: Set up the barter bank account
Step 2: Receive payment for the invoice
Step 3: Partially pay the bill using the invoice balance
If you have any questions, don't hesitate to come back to this thread for help. Have a great day!
I have QB Desktop. I have used a clearing account for years when a vendor and customer are the same, but I always have trouble when I go to do 1099-NEC's. The amount I have "cleared" goes into the "excluded" section, and their income isn't properly recorded - sometimes, and sometimes not. How do I get it to reflect everything from that account (Instructor Costs) regardless of whether it was actually paid to the vendor, or it was cleared from what they owed me for something unrelated? I can see literally no differences in one clearing entry and another.
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