Jennivdm
Level 1
‎March 05, 2021 01:01 AM

Invoice Entry

Hi, I need assistance please. I need to show a transaction between two companies (seperate quickbook accounts) that do not reflect on the bank balances, but generate vat. I was told to to an Invoice on the one company - but how do I show it on the other side? 

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IamjuViel
QuickBooks Team
QuickBooks Team
‎March 05, 2021 05:36 PM

Other Questions

Hello there, @Jennivdm.

 

You can create an invoice in Company A, then record it as bill in Company B. I can guide you on how to do it.

 

First, let's make sure to add Company B as a customer in Company A. Here's how:

  1. Go to the Sales menu.
  2. Choose the Customer tab.
  3. Select the New Customer button.
  4. Enter the details of Company B in the Customer Information window. 
  5. Click the Save button. 

Now, you can create an invoice.  

 

On the other hand, you can enter Company A as vendor in Company B. You can follow these steps:

  1. Choose the Expenses menu.
  2. Select the Vendors tab.
  3. Click the New Vendor button.
  4. Enter the details of Company A in the Vendor Information window. 
  5. Click the Save button. 

Now, you can create a bill to record the invoice you'd receive from Company A.

 

You can create a journal entry to record the invoice payments in Company A and bill payments in Company B. Lastly, I'd recommend consulting with an accountant so you'd be guided accurately in tracking your VAT-related transactions.

 

Get back to us here if you have other questions or concerns. I'm always here to help.

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