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Security Against Account Payable in Quickbooks enterprise sol.?

Syed Abid  Saeed's Profile

Hi, Using QuickBooks enterprise; We have account payable (vendor/Suppliers) providing services to our company, while paying first bill we deduct amount as security from vendor/supplier e.g. Tiles Work Dr. $10000 Vendor A Cr. $9000 Security vend A Cr. $1000 kept $1000 as security and will pay at completion of work. Now; Q#1. when we pay bill to vendor A in quickbook how will we deduct this security from his bill? (note: that its effect be showed in vendor/Account payable quick report) Q#2. if it is not that way how it is possible any other way?

Answers

Jaime Campbell
Title: Chief Financial Officer
Company: Tier One Services, LLC
(Chief Financial Officer, Tier One Services, LLC) |

(1) Simply book the payable in full, and when you select Pay Bills, make a partial payment but checking off the bill and editing the amount in the Amount to Pay field.

OR

(2) If you want to track the security amount separately, then create an Other Current Liability account called Security Withheld. When you record the original bill, make the bill total $9K and in the Expenses tab, book 10K as an expense and -1K as Security Withheld.

When it comes time to pay the security, use the Write Checks screen, not the Pay Bills screen, and instead of selecting an expense account as your normally would with that screen, select your Security Withheld account.

If you do this with multiple vendors and multiple transactions, you'll need a custom report to keep track of the security amount owed to each vendor. Contact me at jcampbellcpaattieroneservices [dot] net. It's straightforward to set up but most people don't know about this feature of QuickBooks. The technique is illustrated in my book, QuickBooks Enterprise Edition 12.0 Cookbook for Experts: http://www.amazon.com/Intuit-QuickBooks-Enterprise-Cookbook-Experts-ebook/dp/B007ZQ36FS/ref=sr_1_1?ie=UTF8&qid=1398770797&sr=8-1

Syed Abid Saeed
Title: manager accounts
Company: t ent pvt ltd
(manager accounts, t ent pvt ltd) |

How to aplly your 2nd technic, pls can you explore a bit more. because you can't enter any value in amount column other than numbers?
where can i find in your book? pointout chapter and topic, will be much better page no. you remember?

Jaime Campbell
Title: Chief Financial Officer
Company: Tier One Services, LLC
(Chief Financial Officer, Tier One Services, LLC) |

Syed, Have you figured out how to follow the steps outlined above? How is it going?

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