Quicken & Other Budget/Accounting Software/Barter
I am actually still confused on the barter bank account. I have recorded all the transactions to the barter account but the barter account don't appear as zero values.
On 11 Jan 2013 company A have make payment to company B (which is the customer and also the vendor) amount $438,072.00. And the payment for that value is the contra of :
1) Company A invoices total - $20,525
2) Company B invoices total - $451,633
3) Company B claims submission to Company A - $6,964
=> $20,525 - $6,964 = $13,561
=> $451,633 - $13,561 = $438,072
What is the correct way to record the above payment of $438,072.00 so at the end the barter account will appear zero?
How do i do the contra and at the same time to assign both companies invoices as paid?
If i need to do JE please let me know the details.
Who is A? Your company, another customer or vendor
If A is a vendor?
Enter a journal entry
Debit accounts payable $6964 Vendor A
Credit an expense or income account $6964(what was the claim for? services rendered? repairs expense? materials income or expense?)
In the pay bills window Apply the debit to the bill for $20525 leaving 13561 balance.
Enter a payment on customer account A for $13561
post to the barter account
Enter a customer accounts receivable payment for $13561 and deposit to the barter account.
Leaving a balance of accounts receivable of $438072.