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Recording Vendor Swaps

Keep your accounting accurate and Push Early Payment Entries to mark supplier invoices as paid and create payables to Quickly.

Updated over 3 months ago

How to Record a Vendor Swap:

  1. Navigate to Paid Invoices:

    • Go to the Bills page via the left-hand sidebar.

  2. Select the Early Paid Invoice:

    • Use the Early Payment Requests filter to locate invoices that were paid by Quickly.

  3. Record the Vendor Swap:

    • Click the More Options (3 dots) menu next to the paid invoice.

    • Select Push Early Payment Entries to update your accounting system:

      • Marks the original supplier bill as Paid.

      • Creates a new bill payable to Quickly for the same amount, due on your selected repayment date.

How Vendor Swaps Work:

  • Supplier Gets Paid: Quickly pays your supplier on your behalf.

  • New Bill to Quickly: The original bill to the supplier is closed, and a new bill is created in your accounting system, payable to Quickly.

  • Clearing Account: A clearing account balances the transaction to ensure no impact on your financial statements.

Next Steps:

Once the vendor swap is recorded, the new bill to Quickly will need to be repaid. Learn how to handle repayments here.

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