Fastbase Accounting System - Online Manual

How do I transfer money between a Customer (who owes us money) who is also a Supplier (who we owe money to)?

Entered Fri, 17 Dec 2004 10:41 by James Thambuswamy
Updated Mon, 28 Feb 2005 10:50
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Customer (FastBase) owes your company $100.00. Your company owes Supplier (FastBase) $1000.00. It would be best to just pay Supplier (FastBase) $900.00.

On the Customer (Accounts Receivable) side:
Create a Customer Journal of $100.00 for FastBase.
Post it to your GL Suspense or Clearing Account.

On the Supplier (Accounts Payable) side:
Create a Supplier Credit of $100.00 for FastBase.
Post it to your GL Suspense or Clearing Account.

Once the above has been completed, create a Supplier Payment of $900.00 to FastBase.