Working on retail installations of ERPNext. Looking for guidance on “contra” accounts. Specifically contra-Revenue and contra-Expense accounts.
Gross sales less - Returns & Allowances, Discounts, Fees & Commissions, etc. which would result in Net Revenue
In new revenue account creation I see no mechanism or option for setting up a contra account (would have a debit balance vs. normal revenue credit balance).
Cost of Goods Sold (COGS) less - Purchase Returns & Allowances, Purchase Discounts, etc which would result in actual cost of goods.
In creating new expense account I see no options for a contra-expense account.
In Account Type list I see we have Accumulated Depreciation and Depreciation options for setting up a contra-asset account but I see no options for contra revenue & expenses.
I also don’t see the normal contra asset accounts for Allowance for Doubtful Accounts or Allowance for Estimated Uncollectible Debts.
By way of background I am new to ERPNext but I have many years experience in for-profit and non-profit businesses as CFO working with Quickbooks & other industry specific accounting software packages. I am looking forward to understanding ERPNext and hopefully contributing to the success of this endeavor.
I have searched on the forum without success so I now publish this for everyone’s input which I very much appreciate. Thank you in advance!