QB Issue Resolution:

I’d be happy to provide you the procedure on how to enter settlements and payments via QuickBooks Online.

 

A Clearing Account is an account you use to move money from one account to another account when you cannot move the money directly. The following are the common uses for a clearing account.

 

  • Move an amount from one AP account to another AP account.
  • Record a refund check from one vendor on behalf of another vendor.
  • Transfer a Bill or Bill Credit from one Vendor to another, e.g., bill consolidation.

Create a clearing account:

 

  1. Select Accounting from the left menu, then Chart of Accounts and select New.
  2. In the Account dialog, select Bank from the Account Type drop-down list.
  3. Choose a Detail Type drop-down list.
  4. Enter a Name for the account.
  5. Select Save and Close.

Also, you may find this article helpful: https://quickbooks.intuit.com/community/Income-and-expenses/How-to-enter-and-pay-bills/td-p/186102.

 

Resolution for Issue 'I have several questions. Our business paid several vendors though our lawyer. We paid some settlements and paid some of the debt we owe to other vendors. Now, I have a list of the amounts paid to each vendor and for some of these vendors I have bills entered on QB (Not for the settlements). So my questions are, what is the procedure to enter the settlement payments and how do I apply the payments when we were not the ones that issued the check, but the lawyer. There is no way to enter a check to pay this settlement because it was not done through any of our banks accounts. My other question is about the payments we made to the vendors that I do have bills for… for example, we owed $30,000 to ABC, Inc and we paid $15,000. I know we now owe $15,000 but how do I apply the payment when again, I don’t have a check # or it was not done through our bank accounts and I don’t know how ABC, Inc applied our payment? So I wouldn’t know which bills to pay? I can ask for a payment a receipt but was wondering if there is another way to do this. Thank you! I am sorry if the way I explained it is confusing.' available: Yes (Solved).
Source: Intuit Community forum.

I have several questions. Our business paid several vendors though our lawyer. We paid some settlements and paid some of the debt we owe to other vendors. Now, I have a list of the amounts paid to each vendor and for some of these vendors I have bills entered on QB (Not for the settlements). So my questions are, what is the procedure to enter the settlement payments and how do I apply the payments when we were not the ones that issued the check, but the lawyer. There is no way to enter a check to pay this settlement because it was not done through any of our banks accounts. My other question is about the payments we made to the vendors that I do have bills for… for example, we owed $30,000 to ABC, Inc and we paid $15,000. I know we now owe $15,000 but how do I apply the payment when again, I don’t have a check # or it was not done through our bank accounts and I don’t know how ABC, Inc applied our payment? So I wouldn’t know which bills to pay? I can ask for a payment a receipt but was wondering if there is another way to do this. Thank you! I am sorry if the way I explained it is confusing.: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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