Forum Discussion

FelicityCarroll's avatar
FelicityCarroll
Experienced Cover User
28 days ago

Supplier Customer contra

I have a supplier who is also a customer. I need to be able to contra the supplier invoices against the customer invoices. Has anyone got any solution of how this can be done without setting up a contra bank account. 

  • Doreen_P's avatar
    Doreen_P
    MYOB Moderator

    Hey FelicityCarroll,

     

    When doing a Contra Payment, you'll need to create a Contra Payment category. Below are the steps to offset sales against your purchases:

     

    Record a payment for your sales:

    • Go to the Sales menu and choose Invoices.
    • Click the ellipsis (...) and choose Record customer payment.
    • Choose the Customer.
    • In the Bank account field, select the Contra Payment category.
    • Enter the amount you need to offset against your outstanding invoices.

    Record a payment for your purchases:

    • Go to the Purchases menu and choose Bills.
    • Click the ellipsis (...) and choose Record supplier payment.
    • In the Supplier field, choose the supplier contact.
    • In the Bank account field, select the Contra Payment category.
    • Enter the amount you need to offset against your outstanding bills.

    After recording these payments, your bank accounts won't be affected, but your receivable and payable categories will be reduced. The Contra Payment category balance will be zero. Make sure to check this link for more information.

     

    Best regards,

    Doreen

  • FelicityCarroll's avatar
    FelicityCarroll
    Experienced Cover User

    HI Doreen

    Thank you so much for this solution. It is exactly what I need.