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Pay a vendor who is also your customer with a clearing account

There may be another company to who you sell items and from whom you purchase items. You could exchange checks for the full amount of the Bill and Invoice. Or the entity who owes more could write a check for the difference. You will need the procedure below to record the single check. This process is sometimes called Bartering.

How to do it

Before You Start: Change your Payments Preference so you may choose a Deposit To Account

  1. Log in as QuickBooks Admin
  2. Select Edit > Preferences
  3. Choose Payments and click the Company Preferences tab
  4. Uncheck the box for Use Undeposited Funds as a default deposit to account.
  5. Click OK to save the preference.

Important: You may want to re-check the box for Use Undeposited Funds as a default deposit to account on completion of your Barter transaction, depending on your normal business workflow.




KB ID# HOW12277
3/30/2017 1:35:47 PM
QYPPRDQBKSWS07 9138 Pro 2017 9df487