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.