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Sep 19, 2024 8:44 AM UTC
Solved

Contra part paid invoice

Hi,

 

I'm stuck on a contra issue. I have a customer whom I invoiced £480 for a job which incurred a £60 penalty. I had expected them to pay the invoice in full & for me to pay them £60 separately. Instead they short paid the invoice, I received £420, leaving an open balance of £60. They also issued a bill for £60 which I have entered in QB. So I need to contra one against the other to balance the account but I'm not sure of the best way to do this

GeorgiaCAnswer
Sep 19, 2024 10:11 AM UTC

Hello and welcome to the Community, Rapidtrans

 

You can enter contra payments in QuickBooks Online to offset the bill against the remainder of the sales invoice. To do this, select + New and select Journal entry. Then follow these steps:

 

1. For line 1, select Debtors (Accounts Receivable) in the Accounts column.
a. Enter the credit amount (in this case, 60.00) in the Credits column. 
b. Enter the name of the customer in the Name column. 


2. For line 2, select Creditors (Accounts payable) in the Accounts column.
a. Enter the debit amount (60.00) in the Debits column. 
b. Enter the name of the supplier in the Name column.


3. To save the journal entry, click Save.
4. Open the outstanding invoice and select Receive payment. 
5. Use the journal to pay off the full outstanding balance and Save. 
6. Open the outstanding bill and click Make payment. 
7. Use the journal to settle the amount.

 

Thanks for reaching Intuit support. I'm just a post away if you have further questions or require additional assistance. 

2 replies

GeorgiaCAnswer
Sep 19, 2024 10:11 AM UTC

Hello and welcome to the Community, Rapidtrans

 

You can enter contra payments in QuickBooks Online to offset the bill against the remainder of the sales invoice. To do this, select + New and select Journal entry. Then follow these steps:

 

1. For line 1, select Debtors (Accounts Receivable) in the Accounts column.
a. Enter the credit amount (in this case, 60.00) in the Credits column. 
b. Enter the name of the customer in the Name column. 


2. For line 2, select Creditors (Accounts payable) in the Accounts column.
a. Enter the debit amount (60.00) in the Debits column. 
b. Enter the name of the supplier in the Name column.


3. To save the journal entry, click Save.
4. Open the outstanding invoice and select Receive payment. 
5. Use the journal to pay off the full outstanding balance and Save. 
6. Open the outstanding bill and click Make payment. 
7. Use the journal to settle the amount.

 

Thanks for reaching Intuit support. I'm just a post away if you have further questions or require additional assistance. 

Sep 19, 2024 10:48 AM UTC

That worked perfectly, thank you.