Introduction

Effective management of suppliers and customers is crucial for the smooth operation of any business. In iVendNext, the Supplier and Customer modules allow you to maintain detailed records, track transactions, and manage payments efficiently. This article will guide you through the process of setting up, managing, and optimizing your supplier and customer records in iVendNext.

1. Setting Up Suppliers and Customers

1.1 Creating a Supplier

1. Go to Home > Buying > Supplier.

2. Click on New Supplier.

3. Fill in the required details, such as:

• Supplier Name

• Supplier Type (Individual, Company, etc.)

• Address and Contact Information

• Payment Terms

• Tax Information (e.g., GSTIN for India)

4. Save the Supplier record.

1.2 Creating a Customer

1. Go to Home > Selling > Customer.

2. Click on New Customer.

3. Fill in the required details, such as:

• Customer Name

• Customer Type (Individual, Company, etc.)

• Address and Contact Information

• Payment Terms

• Tax Information (e.g., GSTIN for India)

4. Save the Customer record.

2. Managing Supplier and Customer Transactions

2.1 Purchase Transactions for Suppliers

• Purchase Orders: Create purchase orders to request goods or services from suppliers.

• Purchase Receipts: Record the receipt of goods or services from suppliers.

• Purchase Invoices: Generate invoices for payments to suppliers.

2.2 Sales Transactions for Customers

• Sales Orders: Create sales orders to confirm orders from customers.

• Delivery Notes: Record the delivery of goods or services to customers.

• Sales Invoices: Generate invoices for payments from customers.

3. Managing Advance Payments

3.1 Supplier Advance Payments

1. Go to Home > Buying > Purchase Order.

2. Create a Payment Entry for the supplier.

3. Allocate the advance payment against future purchase invoices.

3.2 Customer Advance Payments

1. Go to Home > Selling > Sales Order.

2. Create a Payment Entry for the customer.

3. Allocate the advance payment against future sales invoices.

4. Credit Limits and Supplier/Customer Hold

4.1 Setting Credit Limits

• For Customers: Set credit limits to control the amount of credit extended to customers.

• For Suppliers: Set credit limits to manage the amount of credit received from suppliers.

4.2 Putting Suppliers/Customers on Hold

• Hold Invoice: You can put a purchase or sales invoice on hold if there are issues with payment or delivery.

• Block Invoice: Block invoices for suppliers or customers who have exceeded their credit limits or have outstanding payments.

5. Tax and Accounting Management

5.1 Tax Withholding for Suppliers

• If a supplier has a Tax Withholding Category, you can apply tax withholding amounts in purchase invoices.

• Ensure that the tax accounts are correctly set up in your Chart of Accounts.

5.2 GST Management (for India)

• Record Supplier GSTIN and Company GSTIN in supplier and customer records.

• Manage Reverse Charge and E-commerce GSTIN for applicable transactions.

6. Reporting and Analytics

6.1 Supplier Reports

• Supplier Ledger: View all transactions for a specific supplier.

• Outstanding Payments: Track unpaid invoices and overdue payments.

6.2 Customer Reports

• Customer Ledger: View all transactions for a specific customer.

• Accounts Receivable: Track outstanding invoices and payments.

7. Best Practices for Supplier and Customer Management

• Regular Updates: Keep supplier and customer records up to date with the latest contact and payment information.

• Credit Control: Regularly review credit limits and outstanding payments to manage cash flow effectively.

• Training: Train your team on the process of creating and managing supplier and customer records in iVendNext.

8. Key Takeaways

• iVendNext provides robust tools for managing suppliers and customers, including detailed records, transaction tracking, and payment management.

• Use Purchase Orders, Sales Orders, and Invoices to manage transactions efficiently.

• Set Credit Limits and use Hold Invoice features to manage credit and payment risks.

• Regularly review Supplier and Customer Reports to ensure accurate financial records.

9. Conclusion

By following this guide, you can effectively manage your suppliers and customers in iVendNext, ensuring smooth operations and accurate financial tracking. For more advanced features like tax management and accounting dimensions, refer to the iVendNext documentation or reach out to your implementation consultant.