This is something that a lot of businesses want to do (I’ll trade my Accounting services for your Legal services, for example). The IRS is very clear that bartering or trading goods or services creates taxable income. Basically, the IRS views a trade as though you actually sold your goods or services, then turned around and bought the goods or services from the other business. You are also required to count services you bought using trade in your 1099 totals. In other words,

Not Periodically Cleaning up Accounts Receivable and Accounts Payable The Accounts Receivable and Accounts Payable Aging Reports in QuickBooks make it easy to track who owes you and what you owe your vendors. They also show you how old the balances are with each customer or vendor. One handy tip is that you can customize these aging reports to show the results in a different format. For example, if your bank requires you to subtract Accounts Receivable that are older than 180