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Sales > Dealing with a supplier who is also a customer
If your business sells goods and services to a business from which you also make purchases, you need to record the transactions using a separate customer and supplier card. You can then record a contra payment to offset the receivable and payable amounts.
Before you can record contra payments, you need to create a bank account called Contra Suspense. For more information, see Set up accounts.
To record contra payments
a
In the Receive Payments window, type or select the Contra Suspense account number in the Deposit to Account list.
b
In the Customer field, type or select the customer’s name.
a
In the Pay Suppliers window, type or select the Contra Suspense account in the Account field.
b
In the Supplier field, type or select the supplier’s card.
After these entries are made, your bank accounts will not have been affected; yet your debtors and creditors accounts have been reduced. The Contra Suspense account balance should be zero.
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