Purchase Ledger Linked Accounts window
The Purchase Ledger Linked Accounts window enables you to change the Linked Accounts assigned to your purchases.
Liability Account for Tracking Creditors
This account is credited whenever you enter purchases on account using the Purchases window. This account is debited whenever you enter a payment for a supplier using the Pay Suppliers window. This account is referred to as your linked creditors account.
tip : You can use the Company Data Auditor to compare the total of your purchases with the linked creditors account balance.
Bank Account for Paying Suppliers
Enter or select an account for tracking payments to and refund cheques from suppliers. This account is referred to as your creditors bank account and is usually a Bank account type.
I can receive items without a supplier bill—Liability Account for Item Receipts
If you select the I can receive items without a supplier bill option, the Liability Account for Item Receipts field appears. Enter or select an account for tracking the cost of items you’ve received into your stock, but for which you haven’t yet received a bill.
This is also known as your linked Trade Creditors Accrual - Stock account.
I pay carriage on purchases—Expense or Cost of Sales Account for Carriage
If you select the I pay carriage on purchases option, the Expense or Cost of Sales Account for Carriage field appears. Enter or select an account that tracks the money you spend for the transport of items you purchase. This account is referred to as your carriage paid account.
I track deposits paid to suppliers—Asset Account for Supplier Deposits
If you select the I track deposits paid to suppliers option, the Asset Account for Supplier Deposits field appears. This field allows you to enter an account that tracks deposit amounts you pay for purchase orders.
This account is referred to as your linked supplier deposits account.
If you select the I take discounts for early payment option, the (or Contra) Account for Discounts field appears. Enter or select an account that tracks discount amounts that you’ve received from suppliers for paying your bills early. This account is referred to as your linked supplier discounts account.
This account is used to track the discounts you take for early payment, based on the credit terms your suppliers have extended to you. When you enter payments using the Pay Suppliers window, the discount amount you’re eligible for appears as a default entry and is tracked using the linked (or Contra) Account for Discounts.
If you select the I pay charges for late payment option, the Expense Account for Late Charges field appears. Enter or select an account for tracking finance charges that you’ve paid to suppliers.
This account is referred to as your linked supplier late charges account.
