Contact Management Tab: Accounting

View - Contacts - Contact Management - Accounting

The Accounting tab shows all account entries against the contact person within the Financials. If the contact is a customer, all receivables will show. If the contact is a supplier all liabilities are shown. If the contact is both customer and supplier, you can select which of the lists you want to be shown.

The tab can be used as a sort of 'mini ledger' where you are given an overview of all ledger items as well as the amounts for Total, Current and Overdue. You can register payments and credit notes and you can match open items against closed ones. You can also enter new invoices from the tab. Note that all actions under this tab are registered directly into the Nominal Ledger.

For an overview of all outstanding amounts, we recommend that you use the customer and supplier ledgers, in which all customers and suppliers are incorporated within the same list. You can also generate payment reminders, debt collection claims and interest calculations from this module.

Entering payments in the Accounting tab

Select the paid item from the list.
.Click Receipts/Payments.
Check that the Date agrees with the date on which you received/made the payment.
Select N/C according to the form of payment that has been used.
Each selection is linked to a specific journal type that is to be debited. These alternatives can be edited from the Accounting Settings.
Adjust the amount in the Receipt or Payment columns if it differs from the amount invoiced.
Enter any Payment reminder fee in the appropriate column.
This figure is registered in a separate account and not in the main receivable.
Click OK to transfer the journal to the Nominal Ledger.

The journal is transferred to the Nominal Ledger.

Entering invoices in the Accounting tab

.Click New.
Enter the Invoice number.
Check that the Invoice date and Due date match those on the invoice.
Select if the invoice is To be Remitted (only applies when registering a purchase invoice)
Enter the amount to be registered as a cost in the purchase account. After you have entered the amount, a new journal line is created.
If you wish to spread the amount across other accounts you can use new lines for this.
Select Show all N/Cs if you wish to select between other accounts rather than the purchasing account.
If you wish to register a double entry N/C in this line you must enter negative figures.
Click OK.

The journal is created with the journal type Purchase invoice (for suppliers) or Sales invoice (for customers) and is transferred to the Nominal Ledger.

Entering credit notes in the Accounting tab

.Select the item to be credited from the list and click Create credit note.
Check that the Date agrees with the credit note.
Click OK.

The journal is created with the journal type Purchase credit (for suppliers) or Sales credit (for customers) and is transferred to the Nominal Ledger.