When you start entering transactions such as sales invoices, we use the information set on the supplier record to determine the following - Ledger Account - The default ledger account is 5000 - Cost of Sales
- Due date - Credit terms are set to 30 days by default
- VAT rate - this is determined from the supplier's location and whether they are VAT registered
- Currency - set this if you invoice customers in their own currency. The default in your home or base currency.
In addition, you can set other information such as: - Bank details - Store your supplier's bank account details
- Analysis group - Group your customers together for reporting purposes
- Notes - use this for any other information you’d like to store about this customer
Import supplier detailsImport from CSV fileConsider importing supplier records if you already have the details somewhere else. Just export them to a CSV file (type of Excel spreadsheet) and import all the details in one go. You can import additional new contacts at any time. Read more about importing suppliers. Import from mobile phoneIf your supplier details are in your mobile phone contacts, consider importing them using our mobile app. - Download the mobile app:
- Open the mobile app and from the menu choose Contacts. Select the plus button, then choose Import from phone.
- Choose Suppliers.
- From the list of contacts in your phone, choose the ones to import.
- Once you've imported your contacts, edit them in the mobile or web app to enter additional details.
Create new suppliersFor one-off suppliers, or if you don't want to import them, create new records from Contacts. - From Contacts, choose Suppliers, then New Supplier.
- Enter the details. You can save a supplier record with just a name and then enter more details later.
If complete details are not available, enter the business name and save. You can enter more details at a later time if needed. - Go to Contacts, select Suppliers, and click on New Supplier.
- Fill in the Business Name field with either the person's name or the business name. For businesses, input the business name first and then include the primary contact person's name as the Contact Name.
- Complete the remaining required details. If you don't have all the information at the moment, enter the business name and save the record. You can update the other details later as needed
 TIP: If you don't have an address, just use No Address on the first line.
When dealing with a VAT-registered supplier, it's essential to enter their VAT registration number. This ensures the accurate application of the correct VAT rate when entering invoices. From the Account Details tab - Enter the VAT number for the supplier. We check the VAT number against the Country entered in the address. You cannot save the VAT number unless it has the correct format.
- Choose VAT Reverse Charge when:
You usually buy certain types of goods that fall under the domestic reverse charge VAT rules. See VAT domestic reverse charge VAT for mobile phones and computer chips.
You're in the construction industry (CIS) and your supplier is a sub-contractor and you usually buy services that fall under the reverse VAT rules. See Reverse charge VAT and CIS. - Choose This supplier is an import agent if you use an import or freight forwarder to manage the import of goods for you. Read more about recording an invoice from an import agent.
We use ledger accounts to categorise or group transactions, ensuring accurate reporting on financial statements like the Profit and Loss or Balance Sheet. Selecting the right ledger account is key to making sure you know where your money going and what you are buying. On purchase invoices, you must select a ledger account on each line to indicate what you have sold. You can use our default Ledger accounts or set up your own. Setting a default on supplier records ensures the automatic selection of the correct ledger account, which is particularly beneficial if you purchase the same type of goods from a single supplier. For instance, if your supplier is for electricity, you can set the ledger account to default to 7200 - Electricity. From the Account Details tab - Choose the ledger account to use by default for this customer from the Account Default drop-down.
TIP: If you usually use the same ledger account for all your purchases. Set this in the Record and Transaction settings If you've agreed credit terms with your supplier, you can record them here. You can also set the credit limit. Define the credit terms to specify how many days an invoice can remain unpaid before it's settled. Once you define them, the system calculates the due date on the invoice according to these terms. We've standardised the credit terms to 30 days, reflecting the common Practice for most businesses. Set your credit terms in the Record and Transaction Settings to apply them to all new records if they are different. Alternatively, if a supplier has unique credit terms, enter them here. If you have bank details for your suppliers, you can store them on the Payment Details tab. Please note that these details are only for your reference and are not utilized elsewhere in the system For suppliers based outside the UK or Ireland, you'll need to - From the Account Details tab, select the Region and then the Country when entering their address.
- On the Account Details tab, input a VAT number for registered tax entities. This action ensures the accurate application of VAT rates on invoices
- From the Options tab, choose the currency.
You can use analysis groups to group suppliers together for reporting purposes. For example, you may want to divide your suppliers by the region in which they are based so you can compare purchases across regions, or you may want to see total purchases by department so you can check against budgets. Read more about analysis groups Once you've set them up, just choose the group that this supplier belongs to from the Analysis tab. In the construction industry, you'll need to actively set up new or existing customers as contractors to deduct CIS from sales invoices. -
Go to the Account Details tab and select "VAT Reverse Charge" for VAT registered customers. This option lets you apply reverse charge VAT to relevant invoices. Make sure to set the Account Default to a CIS Labour ledger account to ensure CIS deductions apply to invoices; they only happen when you choose this account. Setting this as the default prevents mistakes and ensures accurate CIS deductions. Remember, CIS ledger accounts are visible only to CIS registered contacts. - Choose the CIS Registered checkbox on the CIS tab to show that the contact is using the CIS scheme and to allow for selecting the appropriate ledger accounts.
TIP: Make sure you have turned on the CIS features in the settings first. This is just a space for you to add any other relevant notes about your supplier. If you indicated that your business is VAT registered on sign-up, there will already be two contacts on the list. You'll use the Revenue Reclaimed customer contact when you reclaim VAT and the Revenue Payments supplier contact when you make VAT payments. You can change the reference for these contacts but you cannot rename or delete them. [BCB:299:UKI - Personal content block - Dane:ECB] [BCB:302:UKI - Search override - Accounting UK:ECB] [BCB:276:UKI - hide back button:ECB] |