How to Match a Net Payment Against a Sale and Purchase in AccountRight

Question

Good morning,

We made a sale of $1,000 and a purchase from the same client for $300. The client has paid us the net amount of $700.

Could you please advise how I can match these transactions with the $700 transaction showing in the bank feeds?

Thank you in advance for your help.

Kind regards,
Paula

unknown · Answer

Hey @Paula3,

Just wondering if set up the contra clearing account?  We also have the same situation on a regular basis. Our bank feed has only been turned on this month, so I have manually reconciled previously and I'm wondering if this was an easy work around :)

Cheers

Princess_R · Answer

Hi @Paula3,

Thanks for clarifying. I understand you’re looking for another way to record the $300 offset while keeping the $1,000 sale and $300 purchase allocated to the correct accounts. In this case, the best option would still be to use a temporary contra/clearing bank account. You may also want to check with your accountant to see if another option would work better for your records. Hopefully, other members can share their experiences too.

Cheers,

Princess

Paula3 · Answer

Hi Genreve,

Thank you for your prompt reply and for explaining the process.

Unfortunately, I don’t think I can use the contra payment/clearing account method, as I need the purchase and the sale to remain allocated to their corresponding accounts for reporting and reconciliation purposes.

Could you please advise if there is another way to record the $300 offset so that both the $1,000 sale and the $300 purchase are allocated to their proper accounts, while still correctly reflecting the $700 payment received into the bank?

Thank you again for your help.

Kind regards,
Paula