How to Perform a Contra Account Between Customer and Supplier (New Vers.)

If you are both selling to and buying from the same company for equal or similar amounts, you can offset the transactions using a contra entry. This guide will show you how to record a contra between sales and purchases to simplify your accounting and avoid unnecessary payment transfers.

1. Click on Cashflow and select 'Wallets'

2. Click on Add New

3. Name the wallet 'Contra'

4. Select Others

5. Type "Contra"

6. Check 'Receive payment with this method' and 'Pay with this method'

7. Choose an account type

8. Click on Save

9. Click on 'Sales' and select 'Sales Invoices'

10. Select the invoice to pay

11. Click on Payments

12. Click on Add Payment

13. Choose Contra as the payment method

14. Enter the payment amount

15. Click on Save

16. Click on 'Purchases' and select Purchase Invoices

17. Select the invoice to pay

18. Click on Payment

19. Click on Add Payment

20. Choose 'Contra' as the payment method

21. Enter the payment amount

22. Click on Save