Managing suppliers involves more than keeping a list of businesses from whom you buy goods and services. For example, GST reporting also involves setting up suppliers to represent other costs, such as interest paid and bank charges. In addition, by maintaining accurate records of your supplier base, their address, contact details, discount details and so on, you can greatly improve the efficiency and profitability of your business through more effective buying, better inventory control and improved cash flows.
Although managing your suppliers is an ongoing process, it need not be time-consuming. With access to computers throughout your business, it is easy to keep supplier details up to date every day. You can key goods received as they arrive, minimise data entry by reading the details from the goods received note into an invoice, record payments immediately and take advantage of supplier discounts.
- Enquiring on suppliers
- Receiving goods/services
- Receiving supplier invoices
- Managing bills
- Receiving supplier credit adjustment notes
- Creating supplier credit adjustment notes by reading in supplier invoices
- Entering supplier credit adjustment note details manually
- Looking up existing supplier credit adjustment notes
- How to allocate an unallocated supplier credit adjustment note (tutorial)
- How to reverse an allocated supplier credit adjustment note (tutorial)
- How to reverse an unallocated supplier credit adjustment note (tutorial)
- Reviewing the Cash Required List to pay due invoices
- Entering supplier payments
- Printing and updating general ledger postings for supplier transactions
- Maintaining supplier details
- Producing the Supplier Aged Trial Balance
- Producing the Supplier Ageing Report
- Printing end-of-period suppliers reports
- Running a Supplier end of period
- Deleting completed supplier goods received notes
- Deleting completed supplier invoice details
- Deleting completed supplier credit adjustment notes.
- How to correct purchase orders (tutorial)
REF: A000794