Best way to deal with a contra in sage IA?

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Sarah-Lou
Sarah-Lou Registered Posts: 141 Dedicated contributor 🦉
in General accounting discussion
I have just set up a client on sage, they only wanted to pay for Instant Accounts and hence are missing a few features - one of them being the contra wizard.

How is the best way to deal with this manually? Any ideas?

Thank you

Sarah-Lou

Comments

  • Jan
    Jan Registered Posts: 654 Epic contributor 🐘
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    Having never used any of the wizards, what are you wanting to do exactly?
  • Sarah-Lou
    Sarah-Lou Registered Posts: 141 Dedicated contributor 🦉
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    I realised last night in bed I should have been slightly more specific!!!

    I have a supplier who my client owes money to and he is also a customer who owes money to them (albeit a small amount). Rather than him sending in what he owes and them sending him all they owe they want to show it contra'd against each other and on sage without a wizard i'm not entirely sure how to do this.

    Thank you!

    Sarah-Lou
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
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    Post a bank-supplier payment and a bank-customer reciept for the same amount and call both their refs CONTRA. The 2 amounts cancel amount on the bank rec and you get the desired result in the ledgers. I.e. The balance difference.
  • Jan
    Jan Registered Posts: 654 Epic contributor 🐘
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    Beat me to it!
  • totleyblade
    totleyblade Registered Posts: 48 Regular contributor ⭐
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    If this is going to happen regularily it may be as easy to create a dummy 'contra' bank account to process the supplier payment and customer receipt. Same difference but it keeps your bank rec clear and, as its balance should always be zero, it's easy to spot an error.
  • Sarah-Lou
    Sarah-Lou Registered Posts: 141 Dedicated contributor 🦉
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    Thank you. I did set up a bank account as there will be a few of these coming up.
  • AK002
    AK002 Registered Posts: 2,492 Beyond epic contributor 🧙‍♂️
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    That or credit notes to some nominal account, suspense or whatever.

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