Hi, Using
Security Against Account Payable in Quickbooks enterprise sol.?
Answers
(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 [email protected]. 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
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?
Syed, Have you figured out how to follow the steps outlined above? How is it going?