Hi everyone.
We did a set off with one of our Services provider who is also renting one of our properties, and i need some help on how to record these non cash transactions without affecting the bank reconciliation on Pastel Partner.
For instance we owe him R3500.00 on telephone bills, whilst he owes us R3500.00 on Building Rentals, hence we entered into a SET OFF agreement to put these accounts to zero.
Raise the income and expense as you normally would (Customer Invoice and Supplier invoice). Then process a customer journal - Credit his account and debit a suspense account to clear his offset portion (building rental). Raise a supplier journal - debit the supplier and credit suspense (telephone portion).
The other option if you have a petty cash cashbook would be to receive the money from him via petty cash and pay the supplier account from petty cash - leaving a nil movement in petty cash and clearing both accounts.
KBMoyo (18-Aug-19)
Thank you. Option 2 sounds easier
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