Hi I have a factory, I am renting the building and my landlord also buys products from me, what happens is he takes products from me and at the end of each month we balance the account if he toke more then the rent he pays me, if he toke less then the rent I pay him the difference what is the best practices for this transaction in quickbooks
That is an excellent question, Morenga! This is similar to bartering and I have recorded a video on that topic as well. Your rent would be paid to the Vendor landlord and your Customer landlord would pay you for products. It's important to keep these transactions separate because you may need to send a 1099 to the landlord Vendor for the rents paid. See my video on bartering to see if that helps.
Hi, I accidently entered my employee as a vendor in Quickbooks. I have the payment entered as he is a vendor. How can I switch it to an employee on payroll?
Hello. I Purchase and sell goods to the same person and I have set them up as both customer and vendor now I want to print a report showing the balance amount after netting off all the transactions from both vendor and customer accounts I have created for that person as one. Please tell me if it is possible or not? To be precise I want a merged report.
Hi Mansoor, create an Open Balance report from the side that still has a balance. So if it's the customer that has a balance, highlight the customer and go to Open Balance Report, and if it's the vendor, highlight the vendor and go to Open Balance Report.
Grateful! That is such useful information, it's been too long for me wondering....... And your delivery is ****.
Thanks Robin!
Truly grateful for your guidance...I was beyond frustrated
Glad I could help
Thank you, awsome explanation 👌 and about name squiggly bracket . I call them small brackets
I was really useful for me, Thanks
How to payment that
Hi I have a factory, I am renting the building and my landlord also buys products from me, what happens is he takes products from me and at the end of each month we balance the account if he toke more then the rent he pays me, if he toke less then the rent I pay him the difference what is the best practices for this transaction in quickbooks
That is an excellent question, Morenga! This is similar to bartering and I have recorded a video on that topic as well. Your rent would be paid to the Vendor landlord and your Customer landlord would pay you for products. It's important to keep these transactions separate because you may need to send a 1099 to the landlord Vendor for the rents paid. See my video on bartering to see if that helps.
Hi, I accidently entered my employee as a vendor in Quickbooks. I have the payment entered as he is a vendor. How can I switch it to an employee on payroll?
You will have to run a payroll for the payment and withhold and pay the payroll taxes.
Hello. I Purchase and sell goods to the same person and I have set them up as both customer and vendor now I want to print a report showing the balance amount after netting off all the transactions from both vendor and customer accounts I have created for that person as one. Please tell me if it is possible or not?
To be precise I want a merged report.
Hi Mansoor, create an Open Balance report from the side that still has a balance. So if it's the customer that has a balance, highlight the customer and go to Open Balance Report, and if it's the vendor, highlight the vendor and go to Open Balance Report.
is anybody knows how to move all vendors to subcontractors? I should have subcontractrors instead of vendors
What if my customer is a also vendor? How to payment