Ref: how to work with party who is customer and supplier at the same time

1

Dears,

I have one company as customer and supplier. how i can settle their purchase and sale invoices. i want to clear purchase invoice and purchase invoice and balance should be there.

Regards,

2

For now, you will have to create a separate Supplier and Customer for this party. You can create a common Journal Entry to knock-off Sales Invoices and Purchase Invoices at the same time.

Would you be interested in sponsoring this feature?

1 Like
3

Yes i can sponsor. what is the cost and how much time it will take

4

Dear Umair,

Please guid eme about the statement knock off sales and purchase invoices. how to balance it. with contra entry or some way else. please help help with scenario. how i can pay invoice with other invoice.

5

Please try this scenario:

  • Sales Invoice (Receivable) - USD 1,000
  • Purchase Invoice (Payable) - USD 5,00

Journal Entry:

Cr. Debtor (Customer) … USD 1,000 … (Invoice ID)
Dr. Creditor (Supplier) … USD 500 … (Invoice ID)
Dr. Cash / Bank a/c … USD 500

6

We’re using the common journal entry method as well, but would be interested in sponsoring the feature to allow a contact to be both customer and vendor to remove a manual step. Can you give me an idea of the potential cost/time line? Maybe gsbaig and my company could split it.