How to knock-off a receivable with a payable when a customer is also a supplier and no money transfer gets involved ?

Question asked by de gonfreville 11 years ago

In the case a supplier is also a customer, is there a simple way to mark a bill (or an invoice) paid with an invoice (or a bill). I see a solution by creating a dummy bank account but it involves more manual work.
Thanks for helping.

1 Reply

Hi - yes you are on the right track with the dummy bank account - to contra payments create a bank account and call it contra account.

Settle the bill and invoice with this account and transfer the balance from the contra account to your business account or vice versa if you owe money.

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