Hi - hope you can help. We let retail units to tenants and charge monthly rental and utilities. We also provide a credit-debit card machine service for our retail tenants. We receive the card payments in lump sums for this and forward payments to tenants minus a small commission. One tenant has asked us to offset her rental invoice against the card payments that we owe her. I've managed to sort out sage entries to accommodate the process of receiving then forwarding money less commissions for use of the cc machine but am now just struggling with journal entries in Sage to show her part payment of rental invoice and allocation of the rest against the lump sum we receive. Can anyone help?
The simplest way is to use 'cash' rather than trying to contra bits of money around. So do the exact same for this tenant as you do with the others. Even though the tenant is not physically paying 'cash', by the time you have completed all the transactions, 'cash' will be back to zero again so to speak.
