JE for Customer and Vendor that are the same

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Question:

I have a customer that is also a vendor I want to JE the amounts owed and due to get the actual amount owed so we are not writing each other checks.

Example: Customer owes us $2500.00 rent for a space that they rent for us, as a vendor we owe them for work and materials $5000.00.  We want to be able to do a journal entry to offset the $2500.00 and show just the remaining amount we owe of $2500.00.  This will be ongoing and would be easier if we could just JE and then pay them the balance.

Answer:

Try these articles.

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