Contra-Invoicing (Bank Account)

I just wanted to double check, with a contra bank account, would it just be one generic one, or would we need one for each supplier/client (for ease or auditing purposes)?

Also, what type of account should this be classed as?

Thanks in advance!

It’s usually one account per contra arrangement, that way you can check the balance of what’s owed.

Having said that you can just dump them all under one account and then perform an advanced search to get the balance on the account. This will work if you have a consistent way of searching for the entries, which should be the case if you have the same name for the client and supplier record.

Thanks @Glenn - one account it is then ;). Is there a certain type of account this should be (general, equity etc.)?

They’ll all do much the same, I would say a loan account would be the best fit.

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Thank you :smile: Great help as always!

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