The Purchases command centre is where you record the things you buy, and track the money you owe. First, save yourself time by setting up some details before recording your first purchases.
Details entered? Great! If you know who your suppliers are, start by adding a supplier card to record contact and bank account details (you can also pay electronically), and enter the credit terms offered. You can even import details from a file or other software. Then add a professional touch by personalising your purchase order stationery.
Do you buy and sell stock? Before setting up your items, decide on how much detail you need to track. Not all businesses need a full inventory tracking system, but the choice is yours! And see the range of add-ons available to you, as there may be a time-saving solution designed just for your industry.
Record a purchase
Quotes, orders and bills can be recorded to track what you've bought and when a payment is due.
If you've got an electronic copy of a bill, add it to your In Tray. AccountRight will identify key information in the file (like the supplier, date and amount) and auto-fill what it can. All you need to do is check the details, fill in the gaps and add any extra touches. A copy of the bill is saved online for easy reference.
If you don't have an electronic copy (or can't take a photo of it), then add it manually. Keep in mind that if you're ordering lots of different items or services, you can add more lines and headers to show more detail to your suppliers.
Make a payment
You've recorded a bill and made use of the credit terms offered - now the payment is due. If you pay by credit card or cheque, record a payment to mark the bill as paid. If you use bank feeds, save time by getting AccountRight to do this for you. Just wait for the payment to appear in your feed and then match it to your bill. A payment is automatically recorded and your bill is marked as paid.
Lots of bills to pay? Then pay them electronically. Just record the bills you want to pay and then upload a file to your bank. It's easy to do and saves you a lot of time. And when you're done, send a remittance advice to let your suppliers know you've paid.
Review your purchases
Make good use of the credit terms offered to you by monitoring the ageing dates of your purchases. This is a great way to spot cashflow problems before they affect your business.
Business Insights and the To Do List are great tools that help you analyse what you've been buying, what you owe and when you owe it. This information, along with purchases reports and budgets can help you spot trends and track your business's progress
Are you in the Australian building and construction industry? Remember that you might need to report the total payments made to each contractor for building and construction services each year.
Didn't go to plan?
There will be times when you need to return goods to suppliers, change the details of a purchase or delete something entered incorrectly.
Made a mistake? Y ou can change or delete a transaction or, for the security minded, reverse it. Reversing a transaction keeps the original and creates a new one so you have a complete history of everything you've entered. Your accountant usually likes this option!