Off setting accounts
How can I (offset) deduct a payable from a recievable?
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dXBXxMjMir4yUOacwZ5xHE
12/14/11 6:50am PST
Viewed by asker 12/19/11 6:03am PST
Viewed by asker 12/19/11 6:03am PST
2 Replies
12/16/11 12:28pm PST
You will need to record the info. in AP and AR. I suggest you do a credit memo in AR and in the memo field note that it ties to the AP for that customer who is also a vendor. In AP also create a credit memo and record your explanation in the memo field.
Amy-in-PA
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12/16/11 12:39pm PST
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Another way to offset a payable against a receivable is to use a "barter bank" account. You can supposedly "pay" the payable, but instead of using your real checking account, use the "barter bank" account.
You can then supposedly receive the receivable and do a deposit. Instead of depositing to the real checking account, deposit to the "barter bank" account. Now the payable will be down to what it should be, the receivable will be down to what it should be, the "barter bank account" will have a zero balance, and nothing "funny" will hit the real checking account.
Back up before it's too late. For a professional answer, call Tech Support at 1-800-933-9999 (Lacerte)(other numbers ProSeries, QB, or TurboTax). I am a volunteer, not compensated or supported by Intuit.
