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Use the Payment tab to enter the payment method, payment terms and the settlement discount for the supplier. You can also specify a factor house, if your supplier uses one to collect payments on their behalf.
Open: Purchase Ledger > Purchase Accounts > Enter New Account | Payment.
Open: Purchase Ledger > Purchase Accounts >Amend Account Details.
Select the method of payment from the Payment group drop-down list.
Payment groups are set up in the Purchase Ledger settings Groups tab.
If you are amending a supplier account, you cannot change this if there are payments waiting to be processed in the suggested payments file, generated when automatically processing supplier payments.
Select the Account Type.
Use the Account types to decide how transactions are stored on individual supplier accounts. You can use all three account types in your Purchase Ledger in any mix. Use the account types to balance your need for a detailed breakdown of a supplier's transactions with your need to save disk space.
The default account type is Open item.
You can change a supplier account from one type to another. If you change a balance forward account to open item, you will only be able to view details for transactions entered after you made the change.
For open item accounts, transactions remain visible on the account until they are archived or removed.
Transactions that are fully allocated, and that have exceeded the number of months specified to keep transactions for, are archived or removed when the relevant Account Maintenance option is run.
For example: You have chosen to keep your transactions for 3 months for all of your Accounts. You enter the Archive up to date as 30 November. All allocated transactions dated prior to 01 September are archived or deleted.
All outstanding transactions are kept, regardless of their age. Outstanding transactions are:
With Balance Forward accounts, individual transactions are removed and replaced with a bought forward balance for each accounting period. The bought forward balance is created, when the relevant Account Maintenance option is run.
Each period's total balance is carried forward as a single balance figure and so the number of balances carried forward depends on the number of accounting periods that you have.
When transactions such as payments are posted for a previous period, they are allocated by period number, so the appropriate balance is amended. Queried transactions are kept on the account.
The advantage of this type of accounting is its economical use of disk space.
Balance forward accounts cannot be used for foreign currency accounts.
With Automatic Allocation accounts any credit notes, payments or receipts are allocated to invoices when the relevant Account Maintenance option is run. The oldest outstanding invoices are allocated first. Queried invoices are not allocated.
Any debits or credits that are not allocated are carried over into the new period. If the transaction values do match exactly, the transactions are part-allocated.
Transactions that are fully allocated, and that have exceeded the number of months specified to keep transactions for can be archived or removed.
If you select this type of account, you cannot select payments manually to allocate to a specific invoice when the period end is run.
Enter the Settlement discount percentage offered by this supplier, and the number of days If paid within to qualify for the discount.
The default discount percentage rate is set in the Purchase Ledger settings Supplier Defaults tab.
Enter the number of days the Payment terms apply for, and when the terms start From.
If your supplier uses a factor house to collect payments on their behalf, select the Factor house from the drop-down list.
You must have set up the Factor house details.