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Q: Customer who is also a vendor payment ( No Answer,   1 Comment )
Question  
Subject: Customer who is also a vendor payment
Category: Business and Money > Accounting
Asked by: debra733333-ga
List Price: $3.00
Posted: 20 Mar 2006 16:58 PST
Expires: 19 Apr 2006 17:58 PDT
Question ID: 709814
We have a customer who is also a vendor. They owe us 10 thousand
dollars and we owe them eight thousand dollars. They cut us a check
for two thousand dollars. I need our books to show the AR and AP as paid but
also need it to show that the individual invoices have been paid. We
use Peachtree accounting software.
Answer  
There is no answer at this time.

Comments  
Subject: Re: Customer who is also a vendor payment
From: myoarin-ga on 21 Mar 2006 09:35 PST
 
This is no professional advice  (see the disclaimer below).
I think you need a simple letter agreement signed by both you and your
vendor/customer that explains the netting of the accounts
receivable/payable.
With this as documentation, you book out your $8000 AP to the credit
of the AR account and credit the check also to that account.

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