LILAC Document Help

Creditor Account

Creditors are entities external to an organisation to which the organisation owes, or may owe money. These may include "Trade Creditors" from whom goods or services are purchased for re-sale or internal use, "Sub-contractors" who perform work under contract, and some special cases, (like superannuation funds), which are operated on from the LILAC payroll module. ** Be sure to enter a value (number of days) into the Terms field, this activates the Creditor Account, allowing the operator to view creditor payments which are outstanding.

This document is used to establish or change the information stored in the database identifying a Creditors Account. An invoice from a creditor is a credit entry to the creditor's account and debit to some other account such as an inventory or expense account. A payment to a creditor, debits the creditor's account and credits the CASH AT BANK account.

Right mouse click in this field to search for an existing Name & Address, or create a new entry in the database. A key "3+3" Key convention is recommended. Coin a 6 character Key using the first three letters of the first two words of the name of the entity - E.g. Boral Masonary becomes BORMAS.

Use the "3+3" rule except when the entity has an accepted abbreviation, for example BHP, AMP, NAB, etc.

These fields are used by the Electronic Payments report to create an ABA file compatible with online banking software from Australian banks.

A tick in the Exempt field indicates that GST is not charged on purchases from this supplier. (Typically an overseas account.)

** Be sure to enter a value (number of days) into the Terms field, this activates the Creditor Account, allowing the operator to view creditor payments which are outstanding.

This parameter can be used for purchase analysis and other reporting purposes.

The default General Ledger account for a Purchase Order.

* For a Creditor Account to exist, non-blank data must be appear below the thin black line within this document, for example, Terms 30.

** Name & Address information is also stored in Documents > Name & Addresses. If the same Key is already in use in another area, such as Debtors or Payroll, it will appear when typed here.

Creditor Account

Purpose: To establish or edit Creditors Account information.

Context: The Creditors Account Maintenance screen is divided in two sections by a black line. The data above the line is in fact a Name & Address record. The data below the line corresponds to the actual Creditors Account. An actual Creditors Account will only be created when non-blank data is placed in any field below the line. (For example fill in the field Terms with 30 days).

Key: Type in the new creditors Key or search for an existing one.
Name: Type in the creditor’s company name.

Domain: This field can be used to handle long email addresses that do not fit into the 42 character e Mail field. E.g. XYZinterioralterations@openspacedesigns.com can be handled by XYZinterioralterations@ in the email field, and openspacedesigns.com in the Domain field.

Terms: Type in the creditor’s terms (eg: days of credit are entered in this field).
Credit Limit: Type in the available credit on this creditor.
Settlement: Type in settlement discount, expressed in percentage form, if applicable.

Freight Terms: Type in the freight arrangements for this creditor, e.g.: FOB HONG KONG.
Category: Type in the Category this creditor belongs to, eg: TRADE.
Currency: Type in the relevant currency in which this creditor trades.
Ledger: Select the default Ledger that appears on the purchase order document.
Main: Select the default General Ledger Account that appears on the purchase order document.
Sub: Select the default General Ledger Sub Account that appears on the purchase order document.
Exempt: Tick this field if you do not pay GST to this creditor (eg. Overseas imports).
Pay By EFT: Tick this field if you wish to pay the creditor by Electronic Funds Transfer (EFT).
EFT Reference: This field should be left blank on initial entry. After completing a Creditor - Payment with the Pay by EFT field ticked, this field will be updated by the system to reflect the last EFT reference. The EFT reference is entered in the Creditor - Payment document.
Bank: Type in the three letter abbreviation of the creditors bank, e.g. WBC, NAB.
BSB: Type in the Bank State Branch code of the creditors bank, e.g. 084-123.
Bank Account: Type in the creditors bank account number, as required for the EFT.
Text: Name and address note text, appears on Creditor Account and Name Address
Enquire: Select a creditor, then click the Enquire button (with the left mouse button). This will then take you to the General Ledger - Enquire document, to view recent transactions. If more a more extended history is desired, use the General Ledger Detail report.

From Here: Once the new Creditor has been established in the database Purchase Order processing can be completed. (Purchase Order -> Goods Receieved -> Purchase Invoice, enquire or modify the information kept in Creditor Account document.