Cards you use regularly within accounting transactions can be setup so that certain information is automatically populated into the accounting transactions.
In order to produce an accurate Payables and/or Receivables report, each Sale and Purchase must record the Terms, that is the number of days until payment is due to be made/received. You can store default terms for each card from whom you purchase goods and services, thereby automatically populating the purchase terms into any purchase using that card. From the Card select the Banking button, then the Terms tab. Select the appropriate terms from the Purchase and/or Sale terms fields. |
From the client card select the Banking button then the Terms tab. Select the appropriate default expense account from the list, and all purchases that are not stock or reconditioning will use this default expense account. It can be overwritten in individual purchases. |
If a client requires a non-standard tax code, such as GST Not Registered, associate the correct tax code with the client card to ensure that every purchase for that card will use their specific default tax code. |
Banking details can be stored and is used for various purposes: when payment is received by cheque the stored bank details will be used to populate the cheque details, however if different details are recorded for a payment than those stored, the stored banking details will be overwritten with the new details; electronic banking for vendor payments. |