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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4480
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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I USE QUICKBOOKS PRO, MY BOSS IS CLOSING THE BUSINESS AND HE

Customer Question

I USE QUICKBOOKS PRO, MY BOSS IS CLOSING THE BUSINESS AND HE OWES TO PARTICULAR VENDOR AND THE VENDOR IS BUYING PRODUCT OUT OF OUR INVENTORY AND APPLYING THAT TO WHAT WE OWE. HOW DO I SHOW THAT FROM INVOICE TO POSTING IT CORRECTLY ON THE QUICKBOOKS PRO AND OUR ACCOUNTANT IS ON VACATION. SO I'M TURNING TO YOU.
Submitted: 7 months ago.
Category: Finance
Expert:  Rakhi Vasavada replied 7 months ago.
Dear Friend,Hello and welcome. Thank you for providing an opportunity to assist you. I would suggest passing two separate journal entries.First, when the vendor buys goods:Person Vendor A/c DRTo Sales This will create a Debit balance in the Vendors' personal account. You will have to create this account.Once this is done, you will pass a journal entry as under.Vendor's Account DRTo Vendor's Personal Account.This will settle and close the debit balance of the Personal account of the Vendor wherein he made a purchase and settle the Vendor's original account where his money was payable and reduce the inventory as well. I am sure this would help.You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of yourquestion.Warm Regards,

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