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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. |
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There is no answer at this time. |
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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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