AR: Can I contra Cash Sales with Creditor outstanding?

Question : Can I do AR and AP contra for Cash Sales? Let’s say I have a debtor and creditor called Best Phone Malaysia Sdn Bhd with a Purchase Invoice RM 2199 and a Cash Sales RM2199.

Version : 1.8 / 1.9 / 2.0

Answer :

Yes, provided the Cash Sales is saved as credit sales.

Go to A/R > A/R and AP contra entry, create a new contra entry, select the debtor and creditor. You should be able to see the Cash Sales and the Purchase Invoice, you can knock off these two transactions with the contra amount.

By : Soh Wee 200615, Lay Swan 200618, P200619

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