An effective purchase ordering system is fundamental to business success and requires a structured approach with key links to invoicing and accounts functionality. However with businesses purchasing from multiple suppliers and making payments through a variety of methods, maintaining tight control over financial records can sometimes be difficult.
One particular payment record keeping problem that can arise is where businesses pay deposits against purchase orders before they have been invoiced. Without a system to keep track of such payments to suppliers, businesses can find that their accounts can quickly become disorganised with a manual process needed to correctly reconcile these deposits. Therefore it is vital that businesses paying deposits to suppliers on purchase orders have the ability to accurately record and manage these type of payments.
Customers with OrderWise Accounts already benefit from seamless integration with the main OrderWise system and with the latest OrderWise release they can now benefit from the exclusive ability to make and record deposit payments on purchase orders.
New Functionality To Make And Record Deposit Payments On Purchase Orders
Within the OrderWise system, purchase order forms now feature a new Make Payment button that allows a payment record to be completed with a specified method, amount and reference. A Payments tab on the purchase order form will then show all payments made against that purchase order.
These payments can also be added via the Purchase Activity and Purchase History grids, with payments also able to be made on account from the Supplier grid. From here, Payment History against a selected supplier can also be seen, offering enhanced visibility of deposits and other payments made to suppliers.
When payments are made against a particular purchase order they will be added to the accounts posting routine and the outstanding balance will be updated, providing users with clear and readily accessible data.
This new functionality further enhances the benefits of OrderWise Accounts by providing a simple, structured method of handling deposit payments to suppliers and subsequent bookkeeping activities. By using one end-to end solution for all business operations, companies can streamline processes, eliminate integration issues and benefit from greater visibility and control of key financials.
Existing users can contact the client services team for more information about adding OrderWise Accounts to your software solution.
To discuss your requirements in more detail, contact us today on 01522 704083.