Hi, I have a customer who owed me x1 invoice (Example ) £1000 and the same company is also a supplier and I owe them x3 invoices (example) £1,500, £1,800 and £150.
To resolve the accounts I have deducted what they owe me, from what I owe them, and paid the balance to them for example £3450- £1000 so I paid them £2,450.
Hello DLP4, thanks for posting on the Community Page, we would advise you speak to a trained and qualified accountant on ow to enter this as a journal so it is correct for you as we are not trained accountants just technical support here.
Or you can create a dummy Bank Account (my preferred method) - the contra payments go in/out of this dummy account (which always balances to zero) & the actual payments go in/out of the main bank account.
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