Customer accounts in Phoenix allow you to produce regular statements for your customers, and record your finances using the accrual accounting model. You can set up your customer accounts for statements to be issued monthly, fortnightly or weekly.
Supplier accounts allow you to record invoices as they are received to keep track of paid invoices. This also allows you to maintain these accounts according to the accrual accounting model.
Also known as Debtors and Creditors, the Customer and Supplier accounts work very much like reconciled accounts. Once Customer or Supplier accounts are created, two new buttons appear on the main toolbar. These buttons take you to an activity view of the accounts required. The Activity View allows you to enter invoices against either customers or suppliers in a convenient way. Transactions can be entered directly to Customer or Supplier accounts under the Enter button in the same way as transactions are entered to any other account, however, the Activity View process was designed specifically for Customers and Suppliers, and hence is more convenient.
Customers and Suppliers are organised in an Account and Sub-account structure. You may have any number of accounts, and each account may have any number of sub-accounts.
Invoices from suppliers are entered directly to the Supplier account and sub-account under the Supplier button as they are received. When a payment is made to the supplier, the entry can be made in the account from which the payment was made. The entry can be automatically linked to the supplier. Alternatively, it may also be made from the Supplier account where you can see the current balance for that supplier. Again, the entry can be automatically linked to the account making the payment.
Likewise, invoices to customers are entered directly to the Customer account and sub-account under the Customer button as they are raised. When the customer makes a payment, the entry can be made in the account to which the payment is deposited. The entry can be automatically linked to the customer.
See also:
Set Customer and Supplier Opening Balances
