If you have an invoice for a customer and a bill from this same contact you can use the steps below to make a contra payment.


First, you will need to create a contra bank account and then pay off both the bill and the invoice with this account. Finally, you will need to transfer the difference from the contra account to the business account or vice versa.


In this example, the invoice is £25,478 and the bill is £9.59. The contra payment will, therefore, be a transfer of £25,468.41 from the Contra account to the business account.

Step 1.


Navigate to Money > Bank Accounts and click on the Add account button.


Step 2.


Fill in the Bank Name as Contra and hit the Save button to proceed.


Step 3.


Navigate to Sales > Invoices and click on the Unpaid tab.


Step 4.


Click on the appropriate invoice number under the Invoice # column.


Step 5.


Fill in the required details of the quick pay form towards the bottom right of the menu. Make sure to select the Contra account in the Bank Account drop-down box.


Hit the Pay button to proceed.


Step 6.


Navigate to Purchases > Bills and click on the Unpaid tab.


Step 7.


On the unpaid bills menu, click on the appropriate Bill ID under the ID column.


Step 8.


Fill in the required details of the quick pay form towards the bottom right of the menu. Make sure to select the Contra account in the Bank Account drop-down box.


Hit the Pay button to proceed.


Step 9.


Navigate to Money > Bank Accounts.


Bank accounts

Step 10.


Click on the Transfer link beside your Contra account.


(Use your business account if you are paying the difference).


Step 11.


Fill in the required details of the form for the transfer then click the Transfer money button to proceed.


Step 12.


Select your business bank account in the Transfer to drop down list and hit the Confirm transfer button to complete.




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