Who Owes Who?
This is determined by using a combination of the Receivables Aging Detail report and the Payables Aging Detail report. Both these reports will list the activity and account balance for the other business. In our example, the Payables Aging Detail report will show that Nash?s account has an outstanding balance of €11833.33. The Receivables Aging Detail report will show that Nash has no outstanding invoices with us. Therefore, a payment of €11833.33 is required by us to Nash to close the contra deals. If we were to view the Receivables Aging Detail report in Nash’s company file, it would show that we owed him. The window below shows the final payment made to Nash. This needs to be entered using Pay Bills and applied to the open bill. Similarly, Nash would use Receive Payments. Please Note: The Pay from Account option is selected and the Cheque Account is entered in the adjacent account field. This needs to be withdrawn from your Cheque Account and not the Contra Clearing Account. Disclai
