CAN WE RECORD THE SUPPLIER ADAVANCE PAYMENT AND SETTLEMET?

Yes, Menaka. Using the Supplier credit feature will help us to record your advance payment and settlement moving forward.

Here's how:

1. Open your QuickBooks account, then select the + New button.
2. Choose Supplier credit.
3. From the Supplier credit page, select the supplier in the dropdown.
4. For expense purposes, choose the Category details section and enter the amount, or select the Item details section if you're recording for product and service purposes.
5. Click Save and close to confirm.

Once done please, know that the Supplier credit we've will automatically applied to the selected supplier.

Once you receive the order from the supplier, let's proceed to create a Bill. Here's How:

1. Go back to the + New button and select Bill.
2. In the Supplier option at the top click the dropdown arrow to select the supplier.
3. Select either Category details if this is for expense purposes, or Item details for products and services.
4. Click Save and close to proceed.

Lastly, let's record the payment using the Pay bills feature. I'll guide you through the process:

1. Select +New and choose Pay bills.
2. Select your Payment account.
3. Check the box near the supplier's name. From there, you'll see that the supplier credit will atomically be applied as payment under the Credit Applied column.
4. Select Save to confirm the process.

You can run a report with supplier totals in QuickBooks to show all the transactions for each supplier.

Feel free to add your comment below if you need further assistance. We're here to help you out.