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Contra entries

Set off what a contact owes you against what you owe them, when they are both your customer and your supplier.

A contra entry sets a contact's invoices off against their bills. No money moves. Both sides go down by the same amount, and the entry goes in your books.

Who can do this

  • Only owners and admins can record, post, void or delete contra entries. A member sees "Only an owner or admin can record contra entries." under the page title.
  • Everyone in the workspace can see the list.
  • In the demo workspace nothing can be changed.

Before you start

  • The contact must be both a customer and a supplier. See Customers and suppliers.
  • They need at least one posted invoice and one posted bill, both in ringgit, that still owe something.

Steps

Record a contra entry

  1. Open Contra Entries under Analytics in the Finance menu.
  2. Click New contra entry.
  3. Choose the Contact, set the Date, and enter the Amount set off (RM).
  4. Under Invoices they owe you, choose the invoices and how much of each to set off. Do the same under Bills you owe them. Each side must add up to the amount.
  5. Add a Reference, such as their agreement or letter number, and a Note if you want.
  6. Click Save draft, or Save and post.

Post, edit, delete or void

From the row menu:

  • Edit or Delete a draft.
  • Post a draft. It gets its number and cannot be edited after. The contact owes you that much less on the invoices, and you owe them that much less on the bills.
  • Void a posted contra entry. What it set off is owed again, both ways, and the books reverse it. This cannot be undone.

While a posted contra entry sets off an invoice or bill, that invoice or bill cannot be voided. Void the contra entry first.

Common problems

  • "Choose a contact who is both a customer and a supplier."
  • "Before posting, choose at least one invoice and one bill, and make each side add up to the contra entry's amount."
  • "A contra entry can only set off invoices and bills in ringgit."
  • "One of the invoices or bills owes less than the amount set off against it now. …" Reload the page to see what each still owes.
  • "Refunds paid on one of its invoices depend on this contra entry, so it cannot be voided."
  • "Only an owner or admin can record, post or void contra entries."

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