Customer and supplier accounts can be created by the method described in Accounts and ledgers or directly by selecting Set Up > Accounts > Customers/Suppliers > New. Sales invoices/credit notes can be raised or entered to individual customer accounts. Similarly, purchase invoices/credit notes can be entered to individual supplier accounts.
In VT Transaction+, individual supplier accounts are created in the Suppliers ledger. The total balance of accounts in the suppliers ledger is equivalent to the balance that may be referred to in other programs as:
•Trade creditors
•Creditors control account
•Purchase ledger
•Purchase ledger control account
•Accounts payable
In VT Transaction+, individual customer accounts are created in the Customers ledger. The total balance of accounts in the customers ledger is equivalent to the balance that may be referred to in other programs as:
•Trade debtors
•Debtors control account
•Sales ledger
•Sales ledger control account
•Accounts receivable
When creating customer and supplier accounts, there is additional data that needs to be entered in the following tabs:
•General
•Contact
•Addresses
•Credit Terms
•VAT
•Bank details
•Notes
The data required in each tab is fairly self-explanatory, however there are a few points to note:
•The Contact tab contains an E-mail address field; entering an email address here for a customer account allows you to send a sales invoice by email in the invoice entry screen. See Printing an invoice.
•The Credit terms tab contains the set number of days, if any, you give a customer to pay an invoice (or the number of days a supplier has given you to pay their invoice). The default credit terms for customers and suppliers are those set at the ledger level. If you want to set different terms for a particular customer/supplier, you can change them at the account level as shown below. You can also change the terms for a particular invoice only, by changing them at the invoice level.
•In the Credit terms tab, you can also set a Credit limit, if any, for a customer/supplier.
•The VAT tab allows you to select the VAT status for each customer/supplier, if required, or it can be left as the default status of Normal. For businesses in Northern Ireland or the EU only, you can also enter the VAT number of any VAT registered EU customers you sell goods to, in order to populate your EC Sales List.
Credit terms can be set at the following levels:
•Ledger: Set Up > Ledgers > Customers/Suppliers > Properties > [Select from the Credit terms: drop-down]
•Account: Set Up > Accounts > Customers/Suppliers > [Select the customer/supplier] > Properties > Credit Terms > [Select from the Credit terms: drop-down]
•Invoice: [Select from the Credit terms drop-down] in the invoice dialog
For more details, see Credit terms.
See also
