Short Answer: Set up a Barter general ledger account and payment method.
Explanation: ASI SmartBooks allows you to set up a Barter account just like how you would set up a checking or credit card account. This will provide you the ability to track transactions through the Register and balance the barter account to verify barter transactions through the reconcile option.
How do you setup procedures for bartering?
Explanation: ASI SmartBooks allows you to set up a Barter account just like how you would set up a checking or credit card account. This will provide you the ability to track transactions through the Register and balance the barter account to verify barter transactions through the reconcile option.
How do you setup procedures for bartering?
How do you write off the customer’s invoice?
Like with any other customer receipt, enter a Receipt New for the amount you are writing off due to bartering. Use the payment method (Receipt Type) set up for "Barter."
Receipt Allocate the payment against the customer invoices that will part of the barter transactions.
In Receipt Deposit, use the ledger you set up for bartering as your Bank Account. Select only the invoices with the Barter payment method and process.
In Receipt Deposit, use the ledger you set up for bartering as your Bank Account. Select only the invoices with the Barter payment method and process.
By following these steps, you will be able to see the balance of your Barter Agreement with this customer in the Check Register options. Simply select the general ledger account you set up for the barter agreement. You can also verify the transactions through the Reconcile option if there is a statement or some other type of register to balance the transactions against.