Where

Accounting › Documents › Set-off

Who

People whose role may see journal entries.

Only a party who is both a customer and a vendor can be set off: there has to be something on each side. A company record is both once it is marked as a customer and as a vendor.

Choose Whose books, then the Party.

Read the two sides: They owe you and You owe them, each with its number of documents, and the line The most that could be set off is. If a set-off is not possible the screen says why in a sentence, for example when the two balances are in different currencies.

Set-off: the two sides for one party, and what was set off already

Press Record a set-off. Fill the Amount (the form says the most it can be) and What was agreed, so that somebody reading the entry next year knows.

Attach the Signed statement: the scan or file both parties signed. It is always required before the set-off posts.

The set-off posts in two entries through a clearing account, whose balance is zero once both are in. Earlier ones are listed under Set off already.