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LisaMT's avatar
LisaMT
Contributing User
2 months ago

Contra between Supplier & Customer

Have a Supplier who is now also a Customer.

How in Advanced do I offset the payment received from the Supplier with the open Customer invoice?

I have a contra general ledger account setup and we use one bank account only.  

 

Thanks in advance

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  • Will_H's avatar
    Will_H
    MYOB Moderator
    2 months ago

    Hi LisaMT ,

    I believe you shouldn't need a contra account if you're using MYOB Advanced Business.

     

     

    Both Suppliers & Customers are keyed off Business Accounts, you should be able to use the Business Accounts form CR303000 to extend an account to being both a customer and a vendor.

     

    This might mean you need to do something to delete/merge your existing account.

    Full help should be in product, I've pulled this infromation from the basic Acumatica documentation here: https://help.acumatica.com/(W(203))/Wiki/ShowWiki.aspx?pageid=f1222a9d-c179-40eb-8037-4eb238ececc3

     

    Sorry I don't personally know much about the process for merging accounts in Advanced, that's never been an area I've gotten a lot of experience with.  Hopefully the above helps get your started though.

    • LisaMT's avatar
      LisaMT
      Contributing User
      31 days ago

      Thanks Wil,

       

      I got the setup sorted after going through your details.

      Now I need to work out the banking side - supplier has reduced their bill (AP) by the amount they owe (AR).

      Thanks for your help.

      • Will_H's avatar
        Will_H
        MYOB Moderator
        28 days ago

        Hi LisaMT ,

        Ah, ok here's the part where we end up with an effective contra account I think.

         

        This discussion over at: Acumatica Community Forum - How do I apply a Vendor bill to a Customer invoice? 

         

        Acumatica support (underlying technology) listed: 

        Here is a workaround you can try, as there is no direct option :

        • Create a dummy clearing/ cash account used exclusively to apply AP bill to an AR invoice
        • Create a payment method , enable use on AR and AP module, link it only to above cash account
        • Make a payment for AP bill using above payment method
        • Receive payment using this payment method on AR invoice
        • Net balance on Cash account will be zero ( the dummy clearing account )

        Hope this helps,

        Regards,

        VijayKumarU

        Let me know if that works. though if you need more help it'll probably be support desk/implementer time, unless someone else can swoop in with answers.

         

        For the community at large:

        • Has anyone else used the above method? 
        • Do you have your own method you use?