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Taylorshipley
Level 2

Contra entries

Can someone please try and help me do a journal contra entry. 

 

I have a customer who owes us £8000 and we owe them £5000 - they are going to pay the £3000 balance to the bank.  I can do the journal, but its the second part of receiving and making the payment that seems to be causing me a problem. 

When I follow the instructions (from questions already asked ) it is saying " go to the supplier and go to the make payment and tick the journal " but when I click " make a payment" it is also showing the "bank account" (which I would normally use if I was making a bank payment). 

I must be doing something wrong but I really don't know what.  If someone could guide me on this I would really appreciate it.  Thanks. Patricia 

2 REPLIES 2
Ashleigh1
QuickBooks Team

Contra entries

Hello Taylorshipley, 

 

Welcome to the Community page, 

 

so you would create the journal so it shows as line 1 account debtors then enter the amount in credits for 5000.00 and enter the name> then on line 2 you would enter creditors in debtors column you enter for 5000.00 and the name 

 

You would receive payment on the invoice and make sure the journal is selected and that you enter 0 in the amount received box, unless you have already received the 3000 from the customer then leave the 3000 amount showing, so you can match it to your bank . Then make a payment on the bill adding the journal entry to the payment. 

Taylorshipley
Level 2

Contra entries

Thank you I will give it  a go.