How do you record contra payments and receipts?

hi there gsalls,

Thanks for reaching out about your vendor transactions. QuickBooks Online is a great tool able to help you keep track of sales and expenses so that you can know the profitability of your company. I can point you in the right direction for assistance with entering this vendor transaction.

To know how you should be deducting this from your vendor's transaction to make sure your books remain balanced, I recommend reaching out to your accountant. their expertise will be able to assist you in making sure all accounts are affected correctly by the transactions created. You can invite your accountant by going to the My Accountant section and entering their contact details. You can also find an accountant near you by clicking on the Find a pro to help button in that tab.

If you have any other questions, feel free to reach out here.