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Scenario:
Company A owes Company B $1000 and Company B owes Company A $5000
Step 1: Create a contra account, under credit card. This can be done at the Balance Sheet Tab under Control Panel, simply click the + button to add an account at the first column click and scroll to select credit care account then Name this contra account as “Contra Deal Account”.
Step 2: Raise payment for the invoice under Sales (Company B Owing $5000).
- Select Customer
- Payment line 1 = (Payment Method) Cash/Bank Transfer (Deposit to) Contra Deal Account (Amount) $1000
- Payment line 2 = (Payment Method) Cash/Bank Transfer (Deposit to) Bank Account (Amount) $4000
Step 3: Raise Payment for Bill under Purchases (Company A Owing $1000)
- Select Customer
- Payment line 1 = (Payment Method) Cash/Bank Transfer (Deposit to) Contra Deal Account (Amount) $1000
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