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Video of Barter Accounting in Quickbooks course by Mega Niche University channel, video No. 60 free certified online
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Barter Accounting is used when exchanges of services or products are done between 2 parties with either no or partial money involved in the transactions
Barter Accounting in QuickBooks
We received a question in our Forum section from Mary.
"I have vendors that I bill as customers for warranty work. They pay us in credits but I need their credit to pay thier customer side invoice and still be able to use it as a credit to the vendor side bill. How can I do that without doing a general journal entry? "
Watch our written and video response below:
1. Set up a bank account called "Barter Account".
2. You can then apply credits at the bottom of the payments window to the Barter account.
3. T hen pay bills for that customer/vendor using the Barter Account in the "Account" field at the bottom of the Pay Bills window.