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Creditors

In order to manage your purchases well, you have to register your Creditor's details so that you can be able to receive invoices from them, record your payments and get several reports about their statuses at any given time. All the Creditors should be linked to GL accounts where their transactions will be posted.

How to register creditors

To register your Creditors you go to Accounts->Purchases and Sale->Creditors and a screen like the one below shows up:

• Branch:Select from the drop down the code of a branch of your organization, e.g., "KA". This code is not modifiable and is assigned to the organization at Licensing. Unless you have a Corporate License your choice will be limited to only one branch code. 
• Creditor's ID The program automatically assigns a new Creditor's ID to every new creditor, e.g., "00001". It is a unique five-digit code and can not be used for any other Creditor.
• GL account All creditors should be linked to GL accounts where the transactions with the creditor will be posted. From the drop down list select the relevant GL, e.g., "123001". This should have been created in your Chart of Accounts and if not, you can create it by clicking on the three ellipsis buttons to define it in the Chart of Accounts.
• Name (compulsory field):This is a compulsory field and must be filled with the Creditors name, e.g., "NISSAN LLD".
• Check on existing Creditors : When entering a new creditor, you can always check if the same creditor or a creditor with similar characteristics already exists in your database.   
• Retrieve:If you want to modify a creditors registration data click on this button to find the creditor and to display the creditors information. You can then make the necessary changes and click on the Save button to complete the modification.
• Physical address: Enter the Location/Physical address of a debtor, "Jinja Road".
• Tel 1/ Tel 2/Fax: Enter the Telephone/Fax contacts of the creditor.
• Contact person: A name of the person that should be contacted for the creditors, e.g., "Kamir Shar".
• Creditors Analysis 1, 2 or 3: You might want to classify your creditors as belonging to different categories (e.g., local and foreign) so that later on you will analyze the performance of each category. Select the relevant categories from the drop down list. Note that the categories should have been defined under Support Files->Client Categories and if not defined you can click on the adjacent ellipsis buttons to define them from this window.

You can view the report on the invoices received from your creditors at Accounts->Purchases and Sales->Creditors Reports->Creditors Invoices.

Click on the Save button to save creditor's data.

Related Topics

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