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Contra Entries

Accounts Plus and Accounts Professional only

Note: You cannot post contra entries on accounts that are not in the base currency.

The Contra Entries option saves you time if you have a customer who is also your supplier. You can automatically offset values from customer and supplier invoices against one another.

To post contra entries

1. Tools > Contra Entries.
2. Choose the contra entry bank account then choose the relevant customer and supplier accounts.
3. Select the invoices to be offset against each other from the customer and supplier accounts.
4. To post the contra entries > OK.
5. If there is a mismatch in the values, you are prompted to make a part contra for the lowest amount.
6. To confirm this, click Yes, or to return to the Contra Entries window, click No.
   
   The contra entry posts a sales receipt (SR) and a purchase payment (PP) to the Contra Entry bank account for the value of the invoices, or the lesser value if applicable. The contra posts transactions with the current software date.