In QuickBooks you are either a vendor or a customer, but not both. So, you will need to have two separate names for this vendor and they have to be unique. So, if you have ABC Company that you owe money to, name it ABC Company-v, which will let you know that this is the one to use to track money you owe to your vendor.
For ABC company that owes you money, call it ABC Company-c, for the customer. That way when you are entering invoices, you will use this customer card and not apply it to the vendor. This will keep both accounts separate.
Tomorrow we will address this issue when no money changes hands and you use the barter system between the companies.
For ABC company that owes you money, call it ABC Company-c, for the customer. That way when you are entering invoices, you will use this customer card and not apply it to the vendor. This will keep both accounts separate.
Tomorrow we will address this issue when no money changes hands and you use the barter system between the companies.
Courtesy of our colleague Lynda Artesani, Certified QuickBooks ProAdvisor in SW Florida
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