DAN19091011 Advanced fields on the Vendors relevant for the Finance Department


Let me take you through the
slightly more advanced fields that may be relevant
to the finance department. The first field is our
IC Partner Code, which determines whether this vendor is one
of our Intracompany Partners and therefore needs to be handled
in a special way. The next fields,
under Address and Contact, is here where it says ‘Our Account Number’,
so that’s your customer number that you might have with your vendor,
if you have one. Under Invoicing, we have the
Pay-to Vendor number, which means that there might be another
vendor here, who we must make sure
we actually pay the invoice to. So, this comes into play in
connection with big groups that have
different locations, so you might have
different vendor locations, because of which it’s all been brought
together under one big vendor. Similarly,
we have Currency Code. Here, we define what the
currency code is on a vendor. In this case,
this is blank, as we want to use our accounting
currency on this vendor. But we can easily
set it up to be in Euros, US dollars, or whatever may be
useful on this vendor. Under Payments, we find the
Prepayment Percentage field, which we define according to
what our prepayment percentage needs to be on
all our orders from this vendor, whether it’s goods or service
or whatever is on the order. Here, you have the option of specifying
on each individual item, what this prepayment should be. But this lives in an underlying table. The Priority field defines
how high a priority this vendor should have when
we are making payments to our vendors. And then we have our Cash Flow
Payment Terms field, which defines which payment terms
we want to use, when we are calculating
our cash flow. Here, we can choose different payment
terms to the ones we normally have, which in this case
are ‘current month’. We can go in and say that,
in our cash flow analysis, we’ve set it to be calculated
as though the cash flow was after only 15 days,
then we set that here.

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