The management of your creditors has a direct impact on your organisation’s cash flow.

Correct management of your creditors can result in substantial benefits to your organisation by way of being able to claim early settlement discounts as well as ensuring that all VAT that can be claimed is claimed in the correct period.

Businesses need Creditors in order to manage or even fund their stock acquisitions and movements.

When purchasing goods or services on Credit you need a system to help you ensure that you settle your creditor account in line with the credit terms agreed with that specific Supplier.

Managing your Creditors requires the ability to reconcile the Creditor’s Statements with your Creditor’s Ledger Account and submit remittances for the payments you are to make.

The Creditors module included in Peritus Financial and Inventory Management (PFIM) provides for the maintenance of your Creditor’s general and account information.

The system allows for processing of:
Invoices – received from Creditors for Goods or Services provided.
Credit Notes – goods returned to creditors
Purchase orders – also linked to Job Costing module
Non Stock Purchases and Returns – processing goods and services provided by non Trade creditors

In addition to the above PFIM also includes a Creditor’s Reconciliation Procedure which involves :
– Correlating the Creditor’s statement with your Creditors Ledger.
– Preparing and printing the Remittance advice
– Matching off the invoices being paid.