Can we record trusted receivable and trusted payable simultaneously in Quickbookds?

Hi there.

Yes, you can record trusted accounts receivable (A/R) and payables (A/P) simultaneously in QuickBooks Online.

When you need to record an amount that a customer owes you, you can create an invoice  for the transaction (A/R).

Here's how:

1. Sign in to your QuickBooks Online account.
2. Go to + New, then Invoice.
3. Click on Add customer and select a customer from the dropdown, then input the necessary details.
4. Double-check the Invoice date, Due date, and Terms.
5. Hit on   Add product or service and select a product or service from the dropdown.
6. Choose your preferred method of calculation - flat rate, hourly, or per item. Provide quantity and rate if necessary.
7. When you’re finished, you have several options for saving or sharing the invoice: Review and send, Share a link, Save, Save and Close, and lastly Save and New.

On the other hand, when you need to record an amount that your business owes to a supplier or vendor, you can create a bill to keep track of the accounts payable.

If you receive a payment for an invoice that you've created, make sure to record it as Receive Payment. On the other hand, if you pay any bills, be sure to record those transactions as Pay Bills. This will help you keep accurate records of your financial transactions.

Moreover, you can visit this article for future reference on how to organize your A/R and A/P entries in QuickBooks: How to group Accounts Receivable or Accounts Payable account types in QuickBooks Online.

I'm all ears if you need further assistance with managing your accounts in QuickBooks Online. Don't hesitate to reach out. I’d be more than happy to work with you again.