Hello pwstill!
You can set up the previous owner as a customer so we can track how much they are liable for. Let me explain.
When you create a bill, you can make it billable to a customer. This means that you'll pass the charges to a customer. We can use this to track the previous owner's liability to the business.
Let's set up a customer profile first for the previous owner. Follow these steps:
- Select Customer Center from the Customers menu.
- Click the New Customer & Job drop-down and select New Customer.
- Enter the previous owner's details. Tap OK to save it.
Once done, proceed to these steps:
- Open an existing bill or create a new one.
- Check the Billable column and make sure to select the previous owner on the Customer:Job column.
- Tap Save & Close.
Then, create an invoice for the previous owner. When you select their name, you'll see a pop-up to let you know that there's a billable bill/expense and will allow you to add it to the invoice. Simply follow the on-screen steps. You can also record the payment from the previous owner in QuickBooks Desktop.
You can pull up the Customer Balance Detail report to see how much the previous owner owes. From the Reports menu, go to the Customers & Receivables, then select the said report.
I added this link if you need help in customizing reports: Customize reports in QuickBooks Desktop.
Post again here if you have more questions like this. Take care!
