Overview

Currently, when SleekTech receives a credit note from a supplier for one property, you cannot directly use it to cover invoices for the same supplier in another property. Doing so would lead to incorrect property balances. However, we are developing a new feature called Journal Entry, which will soon allow you to handle such transactions seamlessly.

Until this feature is released, you must follow this workaround to correctly manage such transactions.


Workaround: Using a Contra Account

To handle supplier credit across properties, you will need to create a Contra Account and process refunds and payments through it. Follow these steps:

Step 1: Create a Contra Account

  1. Navigate to Control Panel.

  2. Go to Chart of Accounts.

  3. Create a new Bank Account and name it Contra.

Step 2: Process the Supplier Credit Note

  1. Go to the Supplier Page in Property A.

  2. Create a Refund.

  3. Under Account, select the Contra Account.

  4. Apply the refund to the credit note received.

Step 3: Create a New Payment

  1. On the same Supplier Page, create a New Payment for the same amount as the credit note.

  2. Under Account, select Contra Account.

  3. Use this incoming payment to cover invoices from the same supplier for other properties.




Explanation

This workaround effectively mimics a scenario where:

  • The supplier refunded you for Property A’s credit.

  • You then paid them back to cover invoices for another property.

  • However, since no actual money transfer occurs, the entire transaction is recorded in the Contra Account to maintain correct balances.

This method ensures proper bookkeeping while we work on the Journal Entry feature, which will soon streamline this process. Stay tuned for updates!