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Noel4819's avatar
Noel4819
Experienced Cover User
3 years ago

Credit from my supplier to pay my invoice to him

I have a supplier who is also my customer..   I have say $500 credit from my supplier and I have an invoice to him for $500.   How do I pass the credit from my supplier to pay off his invoice fro...
Noel4819's avatar
Noel4819
Experienced Cover User
3 years ago

Thanks Tracey for your reply.  I am set up for Contra payments, but this one seems to be the other way around.

 

My supplier has a credit for say $500, but i cant get the credit to pay the $500 off my invoice to him.

 

If I pay the $500 off my invoice to him and put it in a credit clearing account. I cant pay his account becasue it is already all paid. He has a credit there already of $500.

 

I need to get his $500 credit and get it back to pay my invoice to him.  I can refund his $500 to the clearing account, but how can i get it out of the clearing account to pay the invoice i have sent him...  I cant find a way to receive that $500.   .I am a little lost

  • Tracey_H's avatar
    Tracey_H
    Former Staff
    3 years ago

    Hi Noel4819 

     

    Sorry for the delay in getting back to you. For that situation:

     

    1. record a credit sale transaction (service layout) and allocate to the contra account
    2. go to Sales register>>Returns & Credits and apply that credit to the sale invoice
    3. record a credit purchase transaction (service layout) and allocate to the contra account
    4. go to Purchases register>>Returns & Debits and apply that credit to the purchase invoice

    Go to Find Transactions>>Account and search by the contra account, the two transactions should clear each other out so the balance of the account is $0.00.

     

    Please let me know if you need further help.

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

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