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Avoid double paying supplier invoices |
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Written by Nilsson Denver
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Tuesday, 22 July 2008 05:01 |
To ensure you don't pay invoices twice or more you should ensure the following:
1. Do not pay your supplier from their statement
e.g. paying whatever is in the 60 day column. If you do this you may not have the supplier invoices in your system.
2. Agree a day for when you pay suppliers, who you are going to pay and write the cheques then.
What can happen is that Mary sees she an important supplier is owed money and sends them a cheque there and then. The next day |
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Last Updated on Tuesday, 29 July 2008 06:46 |
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What is a contra and why it can be better than swapping cheques when your customer is also a supplier to you |
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Written by Nilsson Denver
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Tuesday, 15 July 2008 05:01 |
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Sometimes you buy from a supplier that is also a customer of yours. So you owe them money and they owe you money. On occasions your supplier may want to pay you by performing a contra transaction.
What is a contra transaction? This is when you only pay or receive the difference between what you owe them and they owe you. Example:
Your customer (also a supplier to you) owes you €10,000
You owe your supplier (also a customer of yours) €10,100 |
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Would you like total control of your cash and know exactly to the cent how much you can write a cheque for now |
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Written by Administrator
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Tuesday, 08 July 2008 05:01 |
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"Cash is king" goes the saying. Without cash you can't pay your bills and if you don't manage your cash you can quickly run out of it. If you could manage your cash so that as soon as you wrote a cheque your would know how much money you had left to pay the next bill or meet the next direct debit payment that will leave your account.
You can do this with with our spreadsheet "Bank-Bal 2008". It was written for businesses who wanted tighter control on the bank balances.
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Last Updated on Monday, 14 July 2008 22:32 |
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Dealing with supplier payments and other payments |
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Written by Nilsson Denver
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Friday, 04 July 2008 22:04 |
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You write a cheque, this is a payment, you pay by laser card, another payment. A direct debit or stanidng order taken from your account, another payment. All these must be recorded in your accounts software. You can not leave any out if you want to be able to produce a monthly set of accounts. Even if you are happy enough that you don't want to produce a profit and loss account, you still need to record these payments. There are two types of payments, a supplier payment (you have an invoice) and non supplier paymenst (wages and taxes) and these are dealt with differently in your accounst system. So how do you record these payments, here's how. |
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Last Updated on Friday, 04 July 2008 22:08 |
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Affordable backup options to be ready for that horrible day when your computer dies |
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Written by Nilsson Denver
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Friday, 04 July 2008 22:03 |
Technology has advanced so much that affordable backup options are many. The floppy disk is no longer your only affordable option. Here are a list of affordable options and how you can use them and the for and against of using them.
1. The floppy disk
Still in common use despite its short life span and low backup capability its any payroll software packages still us this to back up their data
For: Cheap and easy to use
Against: 1.44MB limit per disk, easily damaged
2. CD's (and DVD's)
from 750MB up to 8.7GB these disks can hold huge amounts of data. There are CD-RW Disks (Read/Write which can be used many times like a floppy disk, or R only disks (You can only write to the CD once but read them many times)
For: Cheap and huge backup capacity. Great for archiving and easy to store
Against: There is still a limit and may not back up an entire hard disk on your computer. If you have lots of pictures and music you may need more than one disk. Not good for file servers. |
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