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DLP4
April 12, 2023
Question

Help with Contra journal entries.

  • April 12, 2023
  • 2 replies
  • 0 views

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.

 

How do I show this on a journal entry please? 

2 replies

A
Ashleigh1
April 12, 2023

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.  

paul72
paul72
April 14, 2023

Hi @DLP4 

The search box up there ↑ is your friend.

 

You can do this by Journal : https://quickbooks.intuit.com/learn-support/en-uk/help-article/journal-entries/enter-contra-payments-quickbooks-online/L1zvtP5iA_GB_en_GB

 

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.

 

Hope this helps.

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