Deb btors and C

Debto
ors/Creditors Con
ntras – How
H
to Re
ecord in Jim2®
Deb
btors and C
Creditors Contras
C
The new
n
Debtors/Crreditors contra feature
f
makes it
i
easy to handle ‘swap
pping’ multiple Debtor Invoices
acrosss to Creditors as a Credit, an
nd the reverse
e:
swapping Creditorss Invoices (Pu
urchase Orderss)
acrosss to Debtors as a Credit.
In eitther case, once the Credit has been created, it
i
can be
b applied as paayment to outsttanding Invoices
as req
quired.
Why would you use
e Contras?
It is often
o
the case w
where you both
h buy and sell to
o
the sa
ame CardFile, w
where the CardFile is set as both
h
Vendor. Previously you had to
a Customer and a V
o
contrra Invoices byy doing a sep
parate Debtors/
Crediitors Adjust Up
p/Down for ea
ach invoice you
u
wante
ed to transfer. With Contrras you simply
y
indica
ate which Invo
oices you wish to transfer and
d
contrra them in one p
process.
It is up
u to you wheth
her you do a Crreditors Contra from Debtors, o
or a Debtors Co
ontra from Creditors, but as a ggeneral rule it depends on whicch side
you wish
w to create th
he Credit.
How to do a Contra
a?
Contrras work the sam
me from both Debtors
D
and Creditors.
This example
e
is from
m Debtors to Cre
editors, doing a ‘Payment By’ Crreditors Contra.
Edit the
t Debtor
Selecct ‘Payment By’ and select ‘Cre
editors Contra’ from the drop d
down list. Enter or click off the amounts
a
againsst the Invoices as normal.
Click Save.
The Invoices
I
will be then marked as
a paid and a corresponding
c
C
Credit will be created in Creditors. This creditt can then be applied
a
against
Purch
hase Orders in C
Creditors as norm
mal.
Reve
ersing a Contra
You can
c reverse or d
delete (dependin
ng on Options) a Contra Paym ent much the sa
ame as any other payment, thaat is, in the case
e of a Creditors Contra
from Debtors, locatte the Creditorrs Contra from the payments tab of the De
ebtors, and clic
ck Unallocate. A
Any applied payments will th
hen be
unallo
ocated, and the
en click Reverse
e or Delete. Ke
eep in mind thaat if the corressponding credit created in Creeditors is alloca
ated, you will need
n
to
unallo
ocate these from
m Creditors firstt.
New Contra Transacction Journal Types
T
From an accounting point of view, one
o of two new Transaction Jou
urnal entries willl be created whe
en doing a Conttra.
Jourrnal Type
Description
D2C
C
Genera
ated when doing a Creditors Co
ontra from Debtors
C2D
D
Genera
ated when doing a Debtors Co ntra from Creditors
Both D2C and C2D jo
ournal types sim
mply offset Debttors to Creditorss as required.