Overview
Recording vendor swaps is a key step in ensuring your accounting records accurately reflect the early payments made by Quickly. This process involves updating your payable accounts to indicate that Quickly has paid your vendor on your behalf.
Why It’s Important:
Accuracy: Maintains accurate accounting records.
Transparency: Ensures clear tracking of early payments and vendor swaps.
Efficiency: Streamlines your financial management processes.
Step-by-Step Guide:
Navigate to Paid Invoices:
Go to the “Bills” page via the left-hand sidebar.
Select the Early Paid Invoice:
Use the quick filter “Early Payment Requests” to find the relevant invoice.
Record the Vendor Swap:
Click on the more options menu next to the paid invoice.
Select “Push Early Payment Entries” to record the swap in your accounting system.
Pay the invoices when they come due.
You can find all the invoices owed to Quickly by using the quick filter “Due to Quickly.”
Select one or more of the invoices you want to pay. The selected invoices will appear in black outline.
Click on the “Review” button at the bottom to review the batch of invoices to be paid and complete the payment.
Select the payment method and click “Submit Payment”.
Record invoice payments, savings, and transfer fees.
Record the payments by clicking the "more options" (3 dots) menu on the paid invoice and click "Push Repayment Entries"
Accounting Process for Vendor Swaps:
To ensure accurate accounting, the following entries are made:
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