Receiving money from a customer that is also a vendor
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Hi all,
I have a bit of a problem I’m having a block date today was wondering if someone could help me please
I have this person on our books that it’s a customer and a supplier, they send a cheque and what they did is they deducted one invoice that it was owing to us:
Exp: the cheque was made out for
$1229.80 the amount that they owed was $4257.00 and the amount that we owed them was $ 3027.20 how do I record this in qb most likely as and journal entry but I try and can’t make it work. If someone could give me advised would be much appreciated, thank you
Heli
Answer
Create a Bank Account called Transfer A/R & A/P
Enter the Bill in the Enter Bills Screen
Use the Pay Bills & at the bottom use the New Transfer Account you created. Enter the amount paid.
Customer Center > Receive Payments Screen. Enter what they are deducting > make sure it goes to Undeposited funds
Make a deposit > Deposit the amount into the Transfer A/R & A/P account.
This will zero out the account.
Hope this helps. If so please mark solved, if not please ask more questions. Thanks!
Ray White
http://community.intuit.com/me...
http://www.raywhiteenterprises.com
