Accounting for swapped goods

[janearmstrong1987]

Hi can someone help me?

I have a customer who bought under bond caes of whisky in the UK (no VAT, no duty) and rather than pay in cash, I have agreed to swap for an under bond cask at the same value. How can I account for this in Sage? He has given me an invoice but is it possible that I have can a customer and supplier one the same account (this would make it easy as his and my invoices would each cancel each other out).

Thanks,

Jane

 

[Mike Conroy]

you create him as a supplier then you do a contra entry in sage. this is as long as both invoices are identical.

 

[janearmstrong1987]

Thank you so much but what is a contra entry and how do I do one??

 

[Mike Conroy]

1. i assume you have created the original sales invoice as a customer
2. now set him up as a suppler and create a purchase invoice
now follow these instructions
To enter a contra entry
Open: Sales Ledger > Enter Transactions > Contra Entry.

1. Select the bank account to be used for the adjustment from the Nominal ledger bank account drop-down list.
2. Enter the Transaction date to use.
3. Select the customer Acc no.
4. Select the supplier Acc no.
5. To select individual entries, select the check box to the left of the Type column.
6. To select transactions in a date range, enter a date in the Automatically select transactions up to this date box.
7. Click Save.

a contra entry will match the sales invoice and purchase invoice and cancel each other out.

 

[janearmstrong1987]

Thank you for your time Mike but my help bar says I can only do this is i have accounts plus or pro and I just have the basic Sage Accounts 2013 package....it was all looking so easy too!

 

[Mike Conroy]

you could create another bank a/c and call it contra entry and just pay them in the normal way using that bank a/c. that is all the contra entry is doing in real terms anyway without creating a bank a/c.

 

[janearmstrong1987]

Thank you! Ive followed your instructions and cancelled them out.. I really appreciate your time