If your business sells goods and services to a business from which you also make purchases, you need to record the transactions using a separate customer and supplier card. You can then record a contra payment to offset the receivable and payable amounts.
Before you can record contra payments, you need to create a bank account called Contra Suspense. For more information, see Set up accounts.
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a
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In the Receive Payments window, type or select the Contra Suspense account number in the Deposit to Account list.
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b
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In the Customer field, type or select the customer’s name.
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b
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In the Supplier field, type or select the supplier’s card.
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After these entries are made, your bank accounts will not have been affected; yet the receivable and payable accounts have been reduced. The Contra Suspense account balance should be zero.
