How do I enter a contra deal in Reckon Accounts Hosted?

TailemBendCCDM66

I owe a customer $ for a purchase, they are accepting a product as payment, how do I record this in RAH?

Thanks

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Alexis McKeown

Dear @TailemBendCCDM66 ,

This could best be handled as a Supplier Refund/Credit note.

To do this:

Go to the Customer Centre.
Right-click on the affected customer, and select Create adjustment notes/refunds.
From here, you should be able to enter in an item, and the equal amount refunded from this purchase.
When saving this, mark it as a Refund.
When you go to receive payment from the customer, you should be able to add this refund to lower the amount the customer paid.

Of course, this is purely how to do it from a technical standpoint, and you may want to consult the accountants and bookkeepers on the Community for more accounting-related fixes.

Kind regards,

Alexis McKeown

Reckon Senior Technical Support

Acctd4

@TailemBendCCDM66

This is best handled using a "Clearing" bank account, also referred to as a "Contra" account. It's a dummy bank account that allows you to receive a payment & - from those same funds - make a payment (out).

Create a new Bank account called "Clearing" (or "Contra")
Edit this particular Customer's name in your Customer List with a "(c)" at the end & create a Supplier of the same name but with "(s)" at the end. (This is to help identify which name type you are working with & also keeps naming easy & streamlined if you want to report on this scenario in the future)
Create an Tax Invoice (or Sales Receipt) as you normally would, for the contra "sale" of your product to the Customer. If you are using a Sales Receipt, ensure you Deposit To your new Contra bank account:
If using an Invoice, Receive Payment with Deposit To set to your Contra account:

Your Contra bank account now has a balance out of which you can "pay" the Supplier for your purchase.

Using either Write Cheque or via entry of a Bill > Pay Bill, enter the purchase:
… ensuring you also select the Contra bank account as the payment source:
OR:

Now, take a look at your Contra bank account. Just like any other "Bank" account, you can see both the "sale" & "purchase" reflected here with a relevant transaction for each & the balance of this Contra account also at $ 0.00 :

… including GST collected v GST paid (which will also net to $ 0.00):

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