ANSWER ID:9287, 9095If you have a customer who is also a supplier, you can set them up as a supplier and customer, and record payments and receipts as you usually do. However, another way you can manage your payments is to offset your outstanding customer and supplier invoices by recording a contra payment. This topic explains how to do this. First, you need to create a separate customer and supplier card. You then record sales and purchases against these cards. This is the same process as you usually do. When it comes time to pay, you record a contra payment that offsets the sale and purchase amounts. To record the payment, you'll need to set up a contra payment account. This account works like a bank account, but doesn't record actual cash. UI Expand |
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title | To create a contra payment account |
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| - Open the Accounts List window (Lists > Accounts) and click New. The Account information window appears.
- Select Bank from the Account Type list.
- Enter an unused account number.
- Enter a name such as Contra Payment.
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