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
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
