How to Record a Vendor Swap:
Navigate to Paid Invoices:
Go to the Bills page via the left-hand sidebar.
Select the Early Paid Invoice:
Use the Early Payment Requests filter to locate invoices that were paid by Quickly.
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.