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Infojaw's avatar
Infojaw
User
2 years ago

Offset Supplier credit against Customer account receivable

We have a credit in an account for a Supplier whom we overpaid. They are also a customer and owe us in Accounts Receivable. We wish to offset the Supplier credit against what they owe us. We have a Contra Account set up but I am unsure how to process the entries. Can you please advise

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  • LRBooks61's avatar
    LRBooks61
    Ultimate Cover User
    2 years ago

    Hi

    For the purchase credit 

    in the command centre tab ( top ribbon)select purchases and then settle refunds

     

    receive the payment of the refund to the contra account

     

    then make the payment of the invoice from the contra account

     

    reconciling the contra account to ensure all matches

     

    hope that helps

     

    Lisa