If one party is our customer as well as our supplier then how do we net off his balances in Quickbooks?

Hi there, posh-fusion-qb.

I'm glad that you were able to share your concern in the Community. I can help you get and show the balances of the exchange goods once they're recorded within QuickBooks.

We'll need to record your barter transactions from the supplier and customer's side.If you haven't informed yet, QuickBooks will not allow us to save the same name for both customers and vendors.I would suggest making one of the names slightly different from the other one.

The first thing to do is set up the barter account and name it as what you want. To guide you further, please follow the steps below:

1. Go to Accounting on the left panel.
2. In the Chart of Accounts tab, click the New button at the upper-right corner. It's how we can create a new account.
3. In the Account Type, select Bank. Then, in the Detail Type, select Cash on hand.
4. Name it anything as long as it makes you comfortable and easy to remember.
5. Once done, Save and Close.

Create an invoice and make sure we've added the information need, especially in selecting the barter account that we created earlier in the time we manually receive the payment:

Once done, create a bill and follow the same steps by adding details needed to this transaction. Then, pay the bill and ensure to deposit it to the barter account.

For more tips and details, please check it out in this article: Record a barter transaction. Afterward, we can now view the balance in the Bank register. See the sample screenshot below:

In your free time, you can also check out these articles. Each of them can surely help you manage your data in your book:

• Sales and customers.
• Expenses and vendors.
• Reports.

If you have follow-up questions, just let me know anytime. I'd be glad to assist you further. Take care!