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T
Titan 12
September 26, 2020
Question

How to enter this type of transaction

  • September 26, 2020
  • 1 reply
  • 0 views

I have a customer that when performing work for them if we use their parts we do not receive financial reimbursement for it. Instead they pay the invoice that we purchased parts on directly through our supplier, and our supplier issues a credit to the account to clear out the invoice.  What I am wondering. I know I need to report this as income and expenses and it gets reversed by the credit. I am wondering though is there a way to record this so that when I view my A/R I am viewing only actual cashflow amounts exclusive of those dollar amounts that are to be credited on our supplier account 

1 reply

L
LauraAB
September 28, 2020

Hi Titan,

 

Welcome to the QuickBooks Community! I know there may be some specific ways businesses handle transactions depending on their needs and I want to make sure you get the proper direction for recording what you've described in your books. I'll help you get started.

 

With what you've gone over, it sounds like you could be working with billable expenses or something similar to that. QuickBooks Online Plus has a billable expenses option that keeps entering these transactions simple and I have an article that goes over how this feature works and the steps to take to use it: Enter billable expenses. I recommend following this work flow to enter billable expenses in your books just to make sure that everything is lining up as it should. This will also help organize the data in your reports so that you can have a clearer sense of the money movement with your customer and supplier.

 

If that's not what you're trying to enter, having a one-on-one conversation will ensure that we're on the same page with what you're looking for. Feel free to contact QuickBooks Online support to go over this with an agent who will be able to let you know if this is something that QuickBooks can do or if you may need to explore other ways to enter the transaction. Here's how you can connect with an agent.

 

Schedule a Callback or Chat: click (?)Help in the upper right > type and enter "Contact support" into the QB Assistant > click Contact Us > explain your situation > click Let's Talk > choose Get a callback or Start a Chat. Support is available from Monday to Friday between 9 a.m. and 8 p.m. ET.

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I hope you have a great week.

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