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.
Forum Discussion
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
HI Doreen
Thank you so much for this solution. It is exactly what I need.
