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Foreign Sales & Purchase Ledger Bals - Contra in Sage?

Client is using Sage 50 multi currency version.

There is a customer on the sales ledger, who is also a supplier on the purchase ledger and he wishes to contra one balance against the other.

Both customer and supplier records are set up as foreign currency ones and transactions are in the same foreign currency.

Sage Help advises that the Contra Wizard can only be used for £ customer/supplier set offs.

What entires are required to post a manual contra for foregin currency customer/supplier set off?

Thank you

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avatar
29th Jan 2013 19:41

Set up a 'Contra' Bank account

Make and receive payments through that, all on same date, and ensure balance is nil at end of day.

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avatar
30th Jan 2013 08:07

OR

In the bank account of the relevant currency, when one or the other partner pays, do the gross transaction for the larger ledger and then the opposite transaction for the lesser ledger, making the net payment/receipt on the day.

e.g. AR $100, AP$25, customer pays $75.  Do customer r/c for $100, then supplier payment for $25.  As long as the bank agrees nobody will worry that the actual amount doesn't show, especially if the transactions are consecutive.

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