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Contra deals are a convenient means by which two businesses use their goods and services supplied to each other as payment for those received.
For example, let's say you do some work for a customer and charge $100 and they in turn charge you $30 for goods. This leaves a balance of $70 for the customer to pay.
Here's how you handle it in MYOB Essentials.
- Set up the contact as a Customer & Supplier. Here's an example:
- Create a new account with the Account Type of Banking. Here's our example:
- Create an invoice for the customer. Here's our example:
- Create the bill from the supplier. Here's our example:
- Record the customer's payment. In the Into account field, select the contra clearing account created at step 2. Here's our example:
- Record the supplier payment. In the From account field, select the contra clearing account created at step 2. Here's our example:
- Transfer the balance of the contra clearing account into the account the customer actually paid the funds into. Here's our example: