Hi Quickfilers,
I have a supplier / customer wishing us to use the money we owe them to offset their Sale Invoice amount (Billed by Us) with the amount of money they have invoiced us.
I have already instructed a Direct Debit for the o/s amount 75.00 and this will be collected soon.
Should I wait until the next billing cycle to set up the contra account or not.
Also could some explain in layman’s terms a step by step process of how to actually input a contra transaction.
Thanks Gary