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Richiex1
February 25, 2019
Question

What is the best way to handle a contra invoice.

  • February 25, 2019
  • 1 reply
  • 0 views

If I send and invoice to a company for services provided, the same company then send me an invoice for a smaller amount, when the company make payment into my bank it is for the balance between invoices. I think this is called Contra

How do I match this in Quickbooks

Thanks in advance

Rich

1 reply

A
Anonymous
February 25, 2019

Hi there, Richiex1.

 

To match this in QuickBooks correctly, will need to setup first a barter bank account. Here’s how:

 

  1. Click the Gear icon at the top and select Chart of Accounts.
  2. Select New and follow the guidelines below:
  • Select Bank for the Category Type.
  • Select Cash on Handfor the Detail Type of bank account.
  • Enter the account name. (Example: Barter Bank Account)
  • Select Save.

Before proceeding, make sure you’ve created the customer/vendor in both the vendor list and customer center. Once done, create and receive payment for the invoice then enter and pay the bill for the barter transaction. 

 

Please refer to this article for the detailed steps for these processes: https://quickbooks.intuit.com/community/Help-Articles/How-to-record-a-barter-transaction/m-p/185407.

 

You’re always welcome to drop by again if you need further assistance.

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