how to set up to use a 3rd party barter exchange company

QuickBooks users manage barter networks by setting up a dedicated barter bank account and a clearing account within their Chart of Accounts to separate trade credits from actual cash.

Here's how:

1. Go to the Lists menu and select Chart of Accounts.
2. Click the Account drop-down at the bottom and choose New.
3. Select Bank and click Continue.
4. Enter the “IMS Barter Account” in the Account Name field to identify your trade credit balance.
5. Click Save & Close.

Once done, you can generate customer invoices or enter vendor bills using your standard process. When receiving payments or paying those bills, select your newly created IMS Barter Account as the deposit bank or payment method instead of your real checking account.

For mixed transactions involving both cash and trade credits, I recommend creating a secondary bank setup called the Barter Clearing Account. This temporarily holds the full invoice amount before you transfer the split portions to their respective accounts. However, please consult your accounting professional before doing so to ensure these entries are correct for your business.

If you have any additional questions, feel free to leave a comment below.