Vendor accounts - Accounting information tab

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1.Click on the Accounting information tab.

2.Enter and / or select the following, if necessary:  

a)Account disabled - This field should not be selected (ticked) if you wish to enter and post transactions to the vendor account. Select (tick) this field if you wish to disable the vendor account (e.g. if you no longer do business with this vendor). TurboCASH will allow you to enter transactions for the vendor, but it will not allow you to post transactions to the vendor account. However, you will still be able to view reports for the vendor.

b)Open item account - Select (tick) this field if you wish to allocate or link payments or supplier returns (debit transactions) to a particular purchase or credit transaction. If this field is left blank, the Balance B/F (brought forward) posting method will be used, where payments made or supplier returns made are allocated against the oldest outstanding amount.

c)Due days - Enter the number of days for the credit facility granted by the vendor.

This date will be used to calculate the date when payments are to be made to vendors on purchase documents (i.e. purchases or supplier returns) and via the electronic payment system in the Automatic payments journal processing option. It will also print on purchase documents (i.e.  (i.e. purchases, supplier returns or orders).

d)Credit limit - Enter the credit limit granted by the vendor. When you are processing transactions, TurboCASH will warn you if you are exceeding the credit limit for the vendor.

It will also display the Available balance (i.e. Current balance minus the Credit limit) on purchase document entry screens (i.e. purchases, supplier returns and orders).

The Calculator's buttons may also be launched from the Credit limit field.

e)Charge amount - Enter an amount as agreed upon with your vendor.

You may generate Multiple Transactions - Vendors with charge amount option in any Journal type or Journal (except the Receipts and Payments journal types). When you post this Journal, TurboCASH will credit (increase the vendor account) for each of the vendor accounts with the amount specified in this field and debit a specified account (e.g. Expense account).

The Calculator's buttons may also be launched from the Charge amount field.

f)Bank account type - Select Arbitrair or 11 Proof. This is for electronic payments made to vendor accounts via the electronic banking system.

11-Proof - See - http://nl.wikipedia.org/wiki/Elfproef

Arbitrair - Random - not controlled

g)Bank account no. - Enter the bank account number, if available.

h)Bank name - Enter the bank account name, if available.

i)BIC - (Bank Identifier Code). Enter, if available.

j)IBAN - (International Bank Account Number)

See - http://en.wikipedia.org/wiki/International_Bank_Account_Number

k)Signature - Enter, if available.

SWIFT - (Society for Worldwide Interbank Financial Telecommunication) - See - http://en.wikipedia.org/wiki/SWIFT / http://www.theswiftcodes.com/

SEPA - (Single Euro Payments Area) - See - http://en.wikipedia.org/wiki/Single_Euro_Payments_Area

l)Signature date - Enter, if available.

m)Customer code - Enter the customer code for the vendor, if available.

n)Inventory file override - By default, the Inventory file override settings is not activated. If necessary, select the following:

i)Use default account - By default, the "Use default account" option is not selected. The Purchase account, as selected on Action → Inventory items, will be used when purchase documents or orders for the vendor  is updated (posted) to the ledger.

If you activate the Use default account settings, you need to select a different account on the Accounts lookup facility.

When purchases or supplier returns for the vendor is updated (posted) to the ledger, the selected Purchase account for this Inventory item will be ignored and the purchase transaction will be updated (posted) to the specified account for the vendor).

ii)Use default tax - By default, the "Use default tax" option is not selected. The Input Tax account, as selected on Action → Inventory items, will be used when purchases or supplier returns for the vendor is updated (posted) to the ledger.

If you activate the Use default tax settings, you need to select a different VAT/GST/Sales Tax account or code on the Tax Lookup.

When purchases or supplier returns for the vendor is updated (posted) to the ledger, the selected Tax account or code for this Inventory item will be ignored and the Input VAT/GST/Sales Tax transaction will be updated (posted) to the specified VAT/GST/Sales Tax account or code for the vendor.

Do not select this option, if you are not registered for VAT/GST/Sales Tax, or if multiple Tax codes (accounts) is applicable to the transactions with the vendor.

3.Click on the Save button. TheVendor  account Form will be closed and theVendor  accounts List screen will be displayed.

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