The buying information you enter here will be used when entering bills for a supplier. Enter the purchase layout for each supplier and the layout you choose will be displayed when you enter the supplier's name in the purchases window. Similarly, if you make an entry in the Printed Form field, that form will be used when you print the purchase for the supplier. If you choose the service layout, you can assign a default cost of sales or expense account for a supplier. When you enter purchases for this supplier, the account will be entered automatically when you enter line items on the purchase. You can change these automatic supplier entries if you wish.
If the rate you charge for time billing activities depends upon the supplier who performs the activity, you can assign an activity rate to your supplier cards. You can also track the cost of performing activities by entering an estimated cost per hour for your suppliers.
You'll use the Supplier Terms Information section to enter credit terms and to indicate how discounts should be calculated for the purchases you enter. If you are required to collect VAT on purchases made from a supplier, choose a tax code for the supplier in the Tax Code field. See Assigning credit terms to your customers for more information.
If you're required to collect VAT from the customer, or pay VAT to the supplier, you can specify a code for the customer or supplier. The VAT code you enter here will appear as a default entry for the line items you enter in the Sales and Purchases windows. (If you also specify a VAT code for items that are included in the Items List, the VAT code for the item will appear when entering those items on item layout sales and purchases.)
The credit terms you assign to your customers -- and those your supplier assign to you -- are rules that govern the number of days between delivery and payment, discounts for early payment and penalties for late payment. You can set specific credit terms for each customer using the Customer Terms Information section of the Selling Details view; you can set specific credit terms for suppliers using the Supplier Terms Information section of the Buying Details view.
After you set up credit terms, discounts based on the terms are automatically calculated when you enter sales and purchases. (You can change the terms and discount amounts for individual sales or purchases, if you need to.)
Idea: You can set up credit terms for all new customers and suppliers
If you wish to establish a set of credit terms for your new customers and your new supplier, you can use the Preferences window to do so. To do this, use the To change the default credit terms for new customers or To change the default credit terms for new suppliers procedure. |
To enter buying details (suppliers only)