Maintain Vendor Default Information 

1)      After maintaining vendor we maintain “Vendor Default Information”. In which we set payment terms, discount period, credit limit of particular customer etc. For maintaining the default information of vendor we use the following procedure:-

First we go to the “Maintain Menu” and click on the 3^rd last option that is “Default Information” and then sub menu will appear from the sub menu we select the 2^nd option that is “Vendor”.   

2)      After selecting the vendor from the above window the following wizard will be displayed.  And in this window we can see the following tabs:-

a)      Payment Terms

b)     Account Aging

c)      Custom Fields

d)     1099 Settings

1.      Payment Terms Tab:-

There are five ratio buttons on in the payment terms tab whose explanations are given below.

                                i.            C.O.D means cash on delivery when the ratio button of C.O.D is selected it means that we will receive the cash on the delivery of the goods. In this option credit limit is not involved.

                              ii.            Now the second option “Prepaid” which means that customer have made advance payment before receiving the goods and credit limit is not involved in this case also.  

                            iii.            The 3^rd option is “Due in number of days” it means that you delivered the goods to the customer but he/she will make payment after some days. You can mention there that how many days you are allowing to him/her to make payment or if you want to give discount on the payment of minimum period you can also mention. The time period given to the customer to make payment is called as “Credit Limit” such as 2/10, n/30 it means it the customer make payment with in 10 days he/she will get the discount of 2% maximum limit of payment is 30 days.

                            iv.            The next option relates to “Due on day of next month” its means the payment will due on the someday of next month which can be selected.
Similar to “Due in number of days” the credit limit is also fixed in this case which can be availed by the debtor if so required. Once a credit limit is fixed by the creditor it will be applicable on all the customers.  

                                            v.            The last option is “Due at end of month” Its means the amount will be due after the end of the ongoing month.
     

GL Link Account:-

Ø  First one is the “GL Purchase Account” in this field we have to give the GL Inventory Account number which is in the Charts of Account.

Ø  Second one is the “Discount GL Account” in this field we have to give the all discounts account numbers.      

 

2.      Account Aging Tab in this tab user can age the receivable either from the “Invoice Date” or from the “Due Date”.

Age Invoices by:-

According to the “Invoice Date” aging means that the aging calculation of receivables will be made form the invoice issuing date. And according to the “Due Date” it means that aging calculation will be made from the due date of the payment from customers.  

The aging report categorizes receivables as "current," "30 days," "60 days," "90 days," and "120 days and over." The purpose of this report is to show the business owner what receivables need to be dealt with more urgently because they have been overdue longer. The aging repot is prepaid on the basis of invoice date or due date.   

    

3.       Custom Field Tab in this tab we can enter the extra information or additional information about the customers. In this field we can change the heading names. These fields will be displayed in customers prospects screen under custom fields tab.