Contra

Question asked by Stephen Cameron 7 years ago

I have been running a contra with one of my suppliers and I now owe them more than they owed me.

How can I show Clearbooks that I only owe the difference - will I have to credit both accounts?

(I know we could pay each other but its a lot of money and one of us has to trust the other to pay first!)

Any help would be appreciated.

Regards

Steve Cameron

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2 Replies

I should get written agreement with the supplier of the set-off and the net sum owed then put through a dummy sum both into and out of the bank account for the amount they owe you, paying off the sales invoices entirely and partially paying off the supplier bills to leave the net sum as unpaid.

Best answer
7 years ago

Fair point Paul. Then at least the bank still reconciles - many thanks

7 years ago

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