Creating a Purchase Ledger Account

This article is part of the Purchase Ledger section.

Find all related articles here:

Purchase Ledger

A Purchase Ledger is where you store all your contractor information. To create a new Purchase Ledger (PL) account, select Purchase Ledger from the main screen tabs on your CPL system.

Next select click on the Add button.

This will open up the below screen.

Assign a PL Account Code to your purchase ledger and fill in the purchase ledger's address details.

Account Status:

• This setting determines whether the PL account is active or stopped.

Contractors:

• Not all Purchase Ledgers will be associated with contractors. By selecting the Contractor option, you can specify the job types provided by that contractor.

Job Types:

• Job types help categorise contractors based on their expertise, making it easier to search for contractors offering specific services.

• You can assign multiple job types to a contractor.

• If the required job type is not listed, you can add a new type within the System Parameters section.

Payment Type:

• This setting determines how payments will be made to the PL account.

• To enter the contractor's bank details, select BACS from the dropdown menu. Once selected, the bank information fields will appear at the bottom of the screen for you to complete.

Grace Days:

• This setting allows you to align payments to the PL account with the agreed payment terms.

• For example, if the PL account provides a 30-day payment grace period, you can set this time frame.

• The invoice will not be eligible for processing in the payment run until the allocated grace days from the invoice date have expired.

You can tick Use Grace Months to use months instead of days. For example, if you select 1 grace month, the Invoice Due date will default to the last day of the month following the invoice date.

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