Contra Entries without using Sage Account 50 plus

Contra Entries

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I dont have Sage Accounts plus, so dont have the contra entry tool, I have taken over the accounts for a property rental company, they employ an agent to manage their porfolio, the agents receive the rental income then credit our acccount less their management fee. The way the accounts have been recorded in the past is very complicated and long winded making the bank reconciliation complicated. I have been advised to use  contra entries, however as I dont have a contra tool within sage any helpful advise would be welcome on how I do this. 

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By RFL H
29th Jun 2016 14:05

Set up a contra (i.e. notional) bank account and post the supplier payments to it, clearing the amount due to the agent. Then clear the contra bank account back to zero with customer receipts. The balance on the customer account will now be the amount the agent pays to the real bank account.

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Replying to RFL H:
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By Hilary1748
29th Jun 2016 14:35

Brilliant I will give it a go, thank you

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