Forum Discussion

LisaMT's avatar
LisaMT
Contributing User
7 months ago

Contra between Supplier & Customer

Have a Supplier who is now also a Customer. How in Advanced do I offset the payment received from the Supplier with the open Customer invoice? I have a contra general ledger account setup and we us...
Will_H's avatar
Will_H
MYOB Moderator

Hi LisaMT ,

I believe you shouldn't need a contra account if you're using MYOB Advanced Business.

 

 

Both Suppliers & Customers are keyed off Business Accounts, you should be able to use the Business Accounts form CR303000 to extend an account to being both a customer and a vendor.

 

This might mean you need to do something to delete/merge your existing account.

Full help should be in product, I've pulled this infromation from the basic Acumatica documentation here: https://help.acumatica.com/(W(203))/Wiki/ShowWiki.aspx?pageid=f1222a9d-c179-40eb-8037-4eb238ececc3

 

Sorry I don't personally know much about the process for merging accounts in Advanced, that's never been an area I've gotten a lot of experience with.  Hopefully the above helps get your started though.

LisaMT's avatar
LisaMT
Contributing User
7 months ago

Thanks Wil,

 

I got the setup sorted after going through your details.

Now I need to work out the banking side - supplier has reduced their bill (AP) by the amount they owe (AR).

Thanks for your help.

  • Will_H's avatar
    Will_H
    MYOB Moderator
    7 months ago

    Hi LisaMT ,

    Ah, ok here's the part where we end up with an effective contra account I think.

     

    This discussion over at: Acumatica Community Forum - How do I apply a Vendor bill to a Customer invoice? 

     

    Acumatica support (underlying technology) listed: 

    Here is a workaround you can try, as there is no direct option :

    • Create a dummy clearing/ cash account used exclusively to apply AP bill to an AR invoice
    • Create a payment method , enable use on AR and AP module, link it only to above cash account
    • Make a payment for AP bill using above payment method
    • Receive payment using this payment method on AR invoice
    • Net balance on Cash account will be zero ( the dummy clearing account )

    Hope this helps,

    Regards,

    VijayKumarU

    Let me know if that works. though if you need more help it'll probably be support desk/implementer time, unless someone else can swoop in with answers.

     

    For the community at large:

    • Has anyone else used the above method? 
    • Do you have your own method you use?

    • LisaMT's avatar
      LisaMT
      Contributing User
      7 months ago

      Will_H,

       

      Thanks again.

      This has been very helpful.  I think I'm almost there. ☺

Looking for something else?

Search the Community Forum for answers or find your topic and get the conversation started!

Community home

Dig into MYOB Academy for free courses, learning paths and live events to help build your business with MYOB.