Is it possible to designate a GL account as a "contra" account? If so, how and where do I do this?
Hi Mwatkins,
General Ledger doesn't have contra-account types built in. For Sage 300 CRE, it's more a matter of Description and then where the account falls on a financial statement.
Many companies I've worked with will setup a contra revenue account with an account type of Income or Other Income and then post debit entries to this account. Financial Statements be default will print this account's balances in parenthesis indicating the amount is the opposite of the normal amount type for that account type. The same works for cost accounts carrying a credit balance.
Thank you so much! You have answered my question...
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