Contra between Supplier & Customer

Question

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

LisaMT · Answer

Will_H,

Thanks again.

This has been very helpful.  I think I'm almost there. ☺

Will_H · Answer

Hi @LisaMT ,

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

This discussion over at: https://community.acumatica.com/financials-7/how-do-i-apply-a-vendor-bill-to-a-customer-invoice-6285

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?

LisaMT · Answer

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.