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We can record a barter transaction for this, donna45.
This type of transaction is used when two parties wants to exchange goods or services without cash payment. In this process, you’d enter an invoice and a bill to record the products or services you’re trading to record the exchange.
First, we'll to set up the barter bank account:
Second, we'll have to add your vendor as a customer. Since you can’t have the same name on both lists, we'll have to make the name of this customer slightly different. Please refer to this article to be guided in doing it: Manage your customer list.
Then, let's start the exchanging process by creating an invoice and receiving an invoice payment.
Create an invoice:
Receive payment for the invoice:
For the last step, we'll have to create a bill and bill payment to completely record the exchange. You can refer to this article in doing it: Record a barter transaction.
Once done, you can just simply create a check to your vendor based on the difference of the exchange.
The Community always has your back, so please don't think twice to let me know if I can be of any additional assistance. Have a great rest of the day.
We can record a barter transaction for this, donna45.
This type of transaction is used when two parties wants to exchange goods or services without cash payment. In this process, you’d enter an invoice and a bill to record the products or services you’re trading to record the exchange.
First, we'll to set up the barter bank account:
Second, we'll have to add your vendor as a customer. Since you can’t have the same name on both lists, we'll have to make the name of this customer slightly different. Please refer to this article to be guided in doing it: Manage your customer list.
Then, let's start the exchanging process by creating an invoice and receiving an invoice payment.
Create an invoice:
Receive payment for the invoice:
For the last step, we'll have to create a bill and bill payment to completely record the exchange. You can refer to this article in doing it: Record a barter transaction.
Once done, you can just simply create a check to your vendor based on the difference of the exchange.
The Community always has your back, so please don't think twice to let me know if I can be of any additional assistance. Have a great rest of the day.
Thank you so much for your help!!
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