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Integrated with PURCHASING, SHIPPING, and GOODS RECEIVING, the CREDITORS module provides full tracking and matching of local and foreign liabilities. What-if scheduling and cash-flow optimisation tools are provided, and payments can be made via cheque or electronic funds transfer or both.

Features

• consolidate supplier accounts
• stop purchase orders on individual accounts
• stop payments on individual accounts
• supports general and date-based comments and notes per supplier
• specify month end close date per supplier
• define payment terms codes and calculation parameters
• define usual payment method and currency
• optional remittance advice can be printed, faxed and transmitted via EDI and E-mail as specified per supplier
• transfer outstanding transactions and payments from one supplier account to another
• on-line account reconciliation
• define usual payment method per supplier
• auto cheque
• manual cheque
• direct transfer
• letter of credit
• bank draft

Invoices

• match supplier invoices to multiple goods received notes via on-line delivery note query
• invoice automatically flagged as unapproved if invoice to purchase order price variance exceeds user-defined tolerance
• inventory cost adjustment automatically generated if received goods still in inventory
• purchase price variance automatically calculated
• enter creditors invoices and credit note transactions
• set invoice status to approved, unapproved, applied and fully paid
• assign default expense account to non-purchase order suppliers
• use quick codes for journal entry account allocation
• adjust invoices and credit notes and apply

Payments

• record and apply manual payments detailing payment type - cheque, letter of credit, draft or schedule
• reference and offset forward cover contracts and letters of credit
• specify currency and rate of exchange if applicable
• automatically select creditors transactions for payment based on
      due date
      discounts
      overdue for payment
      specific terms types
      specific suppliers
      invoice period
      bank and payment method
• schedule, review and unschedule payment selections as required
• generate automatic cheques and direct transfer files
• void payments
• automatically update cash book

Output

• include special messages in remittance advice
• extensive standard reporting includes
      detailed and summarised aged analysis
      local and foreign aged analysis
      cash requirements schedules
      foreign payment requirements schedules.