01 - Overview

Created by Connect Getaccountify, Modified on Wed, 6 Aug, 2025 at 12:23 PM by Connect Getaccountify

Customers and Vendors are key master records in your accounting system.

Customers are entities to whom you send invoices and from whom you expect payments.
Vendors are entities who send you bills and to whom you make payments.

Accurately setting them up is essential for recording sales, purchases, tax tracking, and payment management.

Best Practices:

Use standard naming conventions (e.g., "ABC Pvt Ltd", not just "ABC").
Ensure Tax Reg No is valid for accurate tax reporting.
Assign correct Entities if using multi-entity setup.
Keep Bank details updated for vendors to enable seamless payments.
Use Tags or Classes if segmenting vendors/customers (e.g., Domestic/International).

Related Features:

Feature	Description
Vendor Credits	Record returns, adjustments, or overpayments received from vendors, which can be applied to future bills.
Credit Notes	Handle customer refunds, adjustments, or advance payments, which can be applied to future invoices.
Customer Statements	Generate a statement of account for customers, listing invoices, payments, credits, and balances — useful for follow-ups.
Vendor Statements	View detailed vendor account summaries including bills, payments, credits, and balances.
Withholding Tax Setup	Automatically deduct TDS or similar taxes for specific vendors or customers, as applicable by regulation.
Aging Reports	Track overdue amounts from customers and to vendors by aging periods (30/60/90 days).
Credit Limits	Define and enforce credit limits for customers to avoid overexposure.
Payment Terms	Configure payment terms for both vendors and customers to automate due date calculations.