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Subject Author Date
Swapping Credits Jeff 12-01-2007
Posted by Jeff on December 1, 2007, 11:21 am
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 My company works for another business and visa-versa. For instance, I
invoice them for $18,000 and they sent me their invoice that was for $22,000
and subtracted my $18,000 invoiced amount. How do I handle this (both
directions if they owe me money) in QBP07? And I need the right amounts to
do job-costing.
Jeff



Posted by Laura on December 1, 2007, 11:58 am
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> My company works for another business and visa-versa. For instance, I
> invoice them for $18,000 and they sent me their invoice that was for
> $22,000 and subtracted my $18,000 invoiced amount. How do I handle this
> (both directions if they owe me money) in QBP07? And I need the right
> amounts to do job-costing.
> Jeff

Set up a new bank account and call it "clearing account". Use this account
to send/receive payments/credits with the other company. Make sure you
retain the proper customer/vendor relationship on all transactions but use
this account where necessary instead of your normal bank account.


Posted by Jeff on December 5, 2007, 4:25 pm
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Laura,
Thanks a million ! It worked like a charm. I had been using negative amounts
on invoices before.
Jeff
>> My company works for another business and visa-versa. For instance, I
>> invoice them for $18,000 and they sent me their invoice that was for
>> $22,000 and subtracted my $18,000 invoiced amount. How do I handle this
>> (both directions if they owe me money) in QBP07? And I need the right
>> amounts to do job-costing.
>> Jeff
>
> Set up a new bank account and call it "clearing account". Use this account
> to send/receive payments/credits with the other company. Make sure you
> retain the proper customer/vendor relationship on all transactions but use
> this account where necessary instead of your normal bank account.



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