Supplier Contra

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Menu: Supplier | Supplier Contra...

Introduction

To make settlement of the outstanding between both supplier and customer accounts without any monetary transactions.
It will use an intermediate accounts known as Contra Account. This account balance must be ZERO.

Supplier Contra - Basic Entry

Assume that you have create the Customer Contra. You will found the same contra no. appeared in the Supplier Contra.

1. Highlight the Contra No to edit. Click on Edit button.

2. See the Supplier Contra entry form screenshot below.

3. Select the Supplier Code. Direct key-in and search by either supplier code or name.

4. Enter the Contra Amount (follow the supplier currency).

5. Below is the example of the entry created:

Double Entry will be:-
                                    DR           CR
 Supplier Control Acc      RM 1,500.00
 Contra Acc                             RM 1,500.00

Tips:
To ensure the contra account has set properly. [Contra Account]

Supplier Contra - Knock-Off

Purpose to knock-off the invoices:

1. To show the outstanding invoices in Supplier Aging Report.

2. To indicate the contra knock-off the invoices in Supplier Statement.

Partial Knock-Off

1. You can enter the knock-off amount into Pay column (auto tick).

2. Unapplied Amt will be reduced by the knock-off amount entered.

Document Knock-Off

1. You can tick on the outstanding documents.

2. Unapplied Amt will be reduced by the knock-off amount ticked.

Random Knock-Off

1. You can click on the Pay column. It will auto tick on the outstanding documents.

2. Unapplied Amt will be reduced according to the outstanding balance.

Note:
Refund unapplied amount shows the supplier contra amount not allocated/knock-off against any outstanding supplier invoices and debit note.

Supplier Contra - Attachment

It is very useful to attach any supporting documents.
In future, you able to retrieve and refer the attachment file easily.

1. You have to point to the attachment section.

2. Click on ( + ) button to insert the filename path.

3. See the sample screenshot below.

Supplier Contra - Note

1. Click on the Note section (on the LEFT side bar).
2. RIGHT click it, you will see the Rich Text Editor pop-up.

3. You can start key-in the note. See the example screenshot below.
4. Click on X button to save and exit the Rich Text Editor.

5. You will get prompted the Save changes? message. Click YES to save it.

Supplier Contra - Description

To show the supplier contra description in the Supplier Statement, eg. Contra IV-00005 .

Sample of supplier statement screenshot below.

GL Ledger - Contra Account

Menu: GL | Print Ledger Report...

1. Select the date range.

2. Select the account code, eg. 450-000 CONTRA ACCOUNT.

3. Tick on General Ledger.

4. Click Apply button.

5. Example of the Contra Account ledger as shown below.

Note:
Contra Account should be zero balance after both customer and supplier contra are same amount.