Institute of Certified Bookkeepers
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Company who is a debtor and a creditor

  • Member in Employment
  • 2 posts
  • # 117379

Hi,

I have a company who is a foreign currency debtor as well as a foreign currency creditor. I have created two seperate accounts in Reckon. They have paid as a debtor directly to Western Union and Western Union have offset these funds against monies owing as a creditor.  Therefore leaving anet balance debited from our AUD bank account.

I really need a bit of help in trying to allocate the the net balance in Reckon.  Some guidance would be very muich appreciated.

Many thanks

 

  • Fellow in Practice
  • Practice Certificate
  • 34 posts
  • # 117385

Hi Annie,

You need this company set up in Reckon as a Supplier and as a Customer. Enter the Supplier bill.  Enter the Customer Invoice.  Create a Contra Bank account to process the transfer and then use the bank account for the balance. Since foreign currency is involved take care with entering correct dates on the transactions.

Regards,

Vija

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