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.

Thank you!

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.

Linda Saltz  

Quicken & Other Budget/Accounting Software

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Linda Saltz, CPA, QBalance.com


QuickBooks best practices, troubleshooting, accounting, tax We have over 70 pages of website content about QuickBooks tips, running a business, tax and business startup at http://www.qbalance.com


Accountant and CPA over 20 years. Specializing in accounting software for over 12 years, Certified QuickBooks Pro Advisor, QuickBooks seminar instructor since 1997.
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