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I have to settle on payment with partner invoice. But the transaction inside the partner is receivable and payable. When I reconcile the transaction for the settlement of payment, there is two separate ledger for receivable and payable.
How can I settle/reconcile this payment ??
Thanks for your reply,
The question is "Why I create another journal to settle this amount?"
I have Purchase Invoice, Sales invoice, payment entry, so I have to settle with Sales & purchase or any other Debit or Credit Note.
Why I again create another journal to settle this amount?
Is it not wastage of time?
We purchase any software to reduce our time and workload, not increase the same ?
Please reply me.
please check the answer again, you have two options to settle those amounts, go ahead with the first option! just select those 3 transactions from the partner ledger and reconcile them!
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1. Use the live chat to ask your questions.
2. The operator answers within a few minutes.
Hello,
Please provide me with more information about the case.
Hello,
First option:
Go to Accounting-> partner ledger -> search for this partner -> select the both transactions "those transactions that should be settled against each other" -> click on reconcile.
Note that the residual amount will go to payable or receivable based on the amount.
Second option:
1. Go to Accounting -> journal entries -> create manual journal entry and choose miscellaneous journal . Note that the account side is for the sake of example
Account
Partner
Debit
Acc. payable
Partner A
100
Acc. Receivable
Partner A
Then post.
2. Go to Reconciliation -> reconcile each journal item against the INV OR BILL.
Hope this will help.