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Contra's

edited Sep 1, 2011 4:41AM in Accounting / ERP 2 comments

We have quite a lot of customers who are also our suppliers (we frequently trade with other wine merchants on the buy & sell side).

Can we contra payments - for example:

Bordeaux Merchants Inc is a customer of ours. They owe us £20,000.


However we also buy some wine from Bordeaux Merchants Inc, and we owe them £9,000.

So the net position is that Bordeaux Merchants owes us £11,000. Is there a way to do a contra - ie debit one account and credit the other?

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