Dealing with a supplier who is also a customer

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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:

To deal with a supplier who is also a customer

Set up the contact as a Customer & Supplier.
Create a new asset account with the Account Type of Bank named "Contra clearing account" or similar.
Create an invoice for the customer.
Create the bill from the supplier.
Record the customer's payment. In the Into account field, select the contra clearing account created at step 2.
Record the supplier payment. In the From account field, select the contra clearing account created at step 2.
Transfer the balance of the contra clearing account into the account the customer actually paid the funds into.

If you have linked or imported your bank accounts, you can match the deposit that appears against the Transfer transaction recorded above if MYOB hasn't already auto matched it for you.

Adding, editing and deleting accounts

Creating invoices

Creating bills

Customer payments

Entering payments made to suppliers

Transferring between accounts

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