Quicken & Other Budget/Accounting Software/Payment



Our company have to different bank account. One in GBP and one in USD

Most of the payments being made from USD accounts, but certain circumstances (short of fund), we do make payment from GBP bank account.

My software's not allowing me to do cross currencies. So i only can assign one bank account to make payment to suppliers - which is USD account.

How do i key in the payment from GBP bank account and at the same time to be able to knock off the invoices for payment?

If i need to do CN/GJ or etc pls let me know the details. Thanks.

ANSWER: Two workarounds:
1. Can you d a Bill credit ?  
then apply the credit to the bills that are paid?

For a reference number on the bill credit use the check number of the GBP account
Then where you normally would enter a cost of goods sold or an expense account
can you enter the GBP bank account ?  

If not.. can you create an Expense account
called GBP -Transfer. Then after every check run, make a Journal entry crediting
GBP bank account and debiting the GBP transfer account

2. Can you make a journal entry for each GBP check
 Debit accounts payable (and applicable vendor)
 Credit GBP bank account

  Then you would have to set the JE A/P against the bill.

Linda Saltz, CPA
Advanced Certified QuickBooks Advisor

We sell and support QuickBooks Enterprise

---------- FOLLOW-UP ----------

QUESTION: I cannot paid anything from GBP account directly so which method should i use?

How do i knock each off the invoices - payment off $5000 for the 3 invoices

Inv 1 - 500
Inv 2 - 2000
Inv 3 - 2500

This invoices are from the same company

Pls let me know the details entries

ANSWER: I prefer method #1.
Can you enter bill credits?
Usually software will allow you to enter vendor
credits to reduce the total amount to be paid.

---------- FOLLOW-UP ----------

QUESTION: When u say bill credits, do u mean credit note?

If yes how do i assign to the invoices that is going to pay?

Hi Farida

I dont know the terminology assigned by your software.
But a bill credit here in the US  is a transaction type
used to record the following situations

a. the return of materials to a vendor,
b. to record a reduction in the amount due because goods
  received by the vendor were damaged.
c. To record a reduction in the amount due to the vendor
  because of a rebate or discount offered by the vendor.

Im sure there are other reasons to record reduction of the
amount due to a specific vendor.   So Im pretty sure if you
look inside your software you will find a transaction type that
will handle the above situations.

If so... then use it and use the entry described in my first post under #1

Once you enter the vendor credit,
You need to pay the bill with the vendor credit.
YOur software may ask you which bill you want to apply the credit to when you
save it, or you need to apply the credit in the window you use to pay bills.

It may be helpful to see how QuickBooks handles it, so you can find a similar
function in your software

Entering a vendor credit
Aplying a credit to a bill

Linda Saltz, CPA
Advanced Certified QuickBooks Advisor  

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.
Producer of www.QBalance.com over 100 pages devoted to QuickBooks help and support and training for small business owners in tax and accounting issues.

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