Swapping Credits

[Jeff]

My company works for another business and visa-versa. For instance, I
invoice them for $18,000 and they sent me their invoice that was for $22,000
and subtracted my $18,000 invoiced amount. How do I handle this (both
directions if they owe me money) in QBP07? And I need the right amounts to
do job-costing.
Jeff

 

[Laura]

My company works for another business and visa-versa. For instance, I
invoice them for $18,000 and they sent me their invoice that was for
$22,000 and subtracted my $18,000 invoiced amount. How do I handle this
(both directions if they owe me money) in QBP07? And I need the right
amounts to do job-costing.
Jeff

Set up a new bank account and call it "clearing account". Use this account
to send/receive payments/credits with the other company. Make sure you
retain the proper customer/vendor relationship on all transactions but use
this account where necessary instead of your normal bank account.

 

[Jeff]

Laura,
Thanks a million ! It worked like a charm. I had been using negative amounts
on invoices before.
Jeff