QuickBooks Team

Reports and accounting

It's nice to have you here in the Community, gossamer. 

 

Thanks for giving me a detailed explanation about what you're trying to achieve. I'm here to lend a hand with changing the names on the vendor's bills and payments. 

 

Did you initially entered your consultant as a vendor in QuickBooks Desktop? If so, you need to create a new vendor profile, and manually change the name of the affected bill transactions. 

 

Then, create a clearing account you can use to temporarily hold the payment. Once done, transfer the payment to the newly created vendor through a journal entry. Make sure to consult with an accountant prior to doing the process to ensure accuracy with your books come tax time. 

 

Check out the steps below for each process:

 

To create a new vendor:

  1. Go to Vendors at the top menu bar, select Vendor Center
  2. In the New Vendor drop-down, click New Vendor.
  3. Enter the necessary details.
  4. Choose Save and Close

To change the name of a bill:

  1. Open the bill.
  2. Click the Vendor drop-down and select the new name.
  3. Choose Save and Close, then pick Yes

To set up a clearing account:

  1. Go to the Lists menu, then select Chart of Accounts.
  2. Right-click anywhere and choose New.
  3. In the Add New Account window, pick Bank then click Continue.
  4. From the Account Name field, you can put in Clearing Account, Barter Account, or Wash Account.
  5. Select Save & Close

To create a Journal Entry to move the funds to the Clearing account:

 

  1. Go to the Company menu, then select Make General Journal Entries.
  2. On the first line, credit Accounts Payable with the amount to be transferred.
  3. In the Name column, select the Vendor SSN from whom the fund is coming.
  4. On the second line, debit the Clearing account you've created with the same amount.
  5. Click Save & Close.

​​​​​​​To apply the amount to the Journal Entry created as an unpaid bill:

  1. Go to the Vendors menu, then select Pay Bills.
  2. Select the bill created by the Journal Entry (it will appear without a due date).
  3. Select Set Credits.
  4. Go to the Credits tab then select the credit. Select Done.
  5.  Select Pay Selected Bills.

Lastly, create a Journal Entry to move the credit from the clearing account to the vendor:

  1. Go to the Company menu, then select Make General Journal Entries.
  2. On the first line, debit Accounts Payable with the amount to be transferred.
  3. In the Name column, select the Vendor EIN who will receive the fund.
  4. On the second line, credit the Clearing account you've created with the same amount.
  5. Click Save & Close.

You should now be able to see the transferred amount in the newly created vendor, then apply it to the outstanding bill. Here's how:

  1. Open the bill, click the Pay Bill icon. 
  2. Scroll down to the button and select the Set Credits tab.
  3. In the Discounts and Credits window, pick Done.
  4. Then click Pay selected Bills.

By doing these steps, you should be able to retain those bills and payments created in the first half of the year to the SSN profile. While only moving those created during the later half to the present. 

 

Feel free to fill me in if you're referring to something different. I'll be around, anytime!