Contra accounts can be used to reconcile transactions for amounts owed between companies, i.e. companies that are both Suppliers and Customers to each other. For example, your company may have Supplier Invoices totaling $7,000 and Customer Invoices totaling $10,000 for another company and would be owed $3000 in total.
The Contra account can be used to do a Customer Receipt and the corresponding Supplier Payment. This ensures the transaction amount is recorded but not included in banking statements.
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Exchange a list of invoices with the other company.
Enter the payment amount as a Supplier Payment into the contra account. See Entering a Payment.
Enter received amount as a Customer Receipt into the contra account. See Receipting a Customer Payment.
The company still owing an amount will pay their remaining debt to be processed in Moveware in the normal manner.
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Note: Accounts will only be created for the Cost Centres set up for a Branch (regardless of the Cost Centres selected). To determine if the selected Cost Centre is allowed for the Branch, check the Cost Ctr field on Details tab of the Branch Management window.