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Debtors and Creditors Settings

This menu enables you to make global settlings for the debtors and creditors transactions in Loan Performer.

How to configure debtors and creditors

To configure debtors and creditors you go to System->Configuration->Accounting->Debtors and Creditors. A screen will appear looking as follows:

• Link Debtor to a GL Account: Tick this check box if you want debtors to have specific GL accounts to record and be able to track their transactions. With this option ticked you will have to define a specific GL account for each debtor that you register at Accounts->Purchases and Sale->Debtors.

• New GL Account: Click on the New GL button to create a new GL account for the specific debtor/creditor.
• Link Creditors to a GL Account: Tick this check box if you want creditors to have specific GL accounts to record and be able to track their transactions. With this option ticked you will have to define a specific GL account for each creditor that you register at Accounts->Purchases and Sale->Creditors.
• Default GL Account Debtors: Select from the drop down list the default account where all the debtors transactions will be posted to, e.g., "125030". If you want all the debtors transactions to be posted to this account then tick and activate the option "Update of GL Debtor Account Allowed?".
• Default Account Creditors: Select from the drop down list the default account where all the creditor transactions will be posted to, e.g., "221030". If you want all the creditors transactions to be posted to this account then tick and activate the option "Update of GL Creditor Account Allowed?"
• Account VAT on Purchases: From the drop down menu select the GL account where the VAT on all Purchases (Input VAT) will be posted to, e.g., "125040".
• Account VAT on Sales: From the drop down menu select the GL account where the VAT on Purchases (Output VAT) will be posted to, e.g., "221040".

• Rent Receivable: Select from the drop down list the account to which rent receivable will be posted to, e.g., "125050". This is the account into which all rent invoices issued to clients will be recorded at Accounts->Purchases and Sale->Creditors-> Issue Tenants Invoices. ".
• Rental Income: Select from the drop down list the account to which all the rental income is posted to, e.g., "440120".

Click on the Save All button to save the debtors and creditor settings and then on the Close button to exit the menu.

Related Topics

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