The subject Alpha Trade has the following outstanding receivables and payables pending:
You can settle these payables and receivables by performing set-off.
Open the Set-off panel and create a new record clicking
. Enter customer or subject data. In our case they are one and the same entity, that is, subject. Plus, enter dates.
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The current date is automatically entered in the Due Date field. To include payables which are not overdue to set-off, you have to change the date accordingly.
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Then click Select.
Let us say we want to set off all receivables and payables, and by doing this we would set off the account 07-300-000004 in the amount of €3,986.53 only. Furthermore, you will by clicking Balance adjust the netted amount of the issued invoice 07-360-000007, so that the amounts of receivables and payables are equal.
Double-clicking outstanding receivables and payables shifts them to the above section. Doing this you have to take care when double-clicking receivables'/payables' line, so as not to click the Document or Linked Document fields and opening corresponding registers.
Change the amount in the document 07-300-000004 to €3,986.53. Prior to balancing out you thus have the following data:
Click Balance. Since there are more receivables than payables, the program automatically lowers last payables' amount (invoice 07-360-000004) and in this way levels the amounts of receivables and payables.
Clicking Close/post posts the set-off amount to the journal entry. Data required for creating journal entry are collected from the upper section of the set-off document.
After posting set-off, appear commands for confirming and rejecting it. Subsequently confirm the set-off amount.
Related topics:
For a general description of functions see: