How do you offset a bill with open invoices?

You can create a barter transaction to offset your invoices and bill, rigojr. I can help you on how to do it.

Barter transactions occur when you exchange goods and services with your vendor. Allow me to guide you through the steps.

First, let's set up the barter bank account.

1.  Go to the Gear icon, then select Chart of accounts.
2. Select New.
3. Under the Account Type dropdown click Bank.
4. In the Detail Type dropdown, select Cash on hand.
5. In the Account name, you can enter Barter Account.
6. Select Save.

Next, we can receive the payment for the invoice using the barter bank account.

1. Select + New, then click Receive payment.
2. From the Customer dropdown, choose your vendor's name.
3. Fill in the date and amount.
4. Click the Payment method dropdown, then select Add new.
5. Enter Barter in the Name field, then click Save.
6. For the Deposit to dropdown, select your barter bank account.
7. Click Save and close.

For the bill, you can follow these steps:

1. Click + New, then select Pay bills.
2. From the Payment account dropdown, click your barter bank account.
3. Select the bill of your vendor.
4. Under the Payment column, enter the amount.
5. Select Save and close.

I'll also leave this article on generating reports to give you an overview of different aspects of your business: Run reports in QuickBooks Online.

Should you have additional questions about invoices and bills, please don't hesitate to post them here in the Community space.