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

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

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 sharing what you are trying to do. Having the same customer as a supplier can definitely make the recording a bit complex.

If the $300 purchase is from the same business and was agreed to offset part of the $1,000 sale, you’ll need to record the $300 offset separately, then match the remaining $700 payment in your bank feeds.

1. Make sure the $1,000 sale and $300 purchase are recorded.
2. Create or select a bank-type account called Contra Payment or Contra Clearing.
3. Record a $300 customer payment against the sale, using the contra account as the deposit account.
4. Record a $300 supplier payment against the purchase, using the same contra account.
5. Record the remaining $700 customer payment into your actual bank account, then match the $700 bank-feed transaction to that payment.

The contra account should return to $0.00 once both entries are recorded. You can find more information in Dealing with a supplier who is also a customer. If you’re unsure about the accounting or GST treatment, it’s best to check with your accountant.

Regards,
Genreve