Limited
Creditors Monthly Processing Sequence
From the 1st day until approximately the 15th day of the calendar month you should only be entering unpaid invoices that are dated for the previous calendar month because the Creditors system should be held open in the previous period waiting for incoming end of month invoices and statements from your suppliers.
The Creditors system still allows you to input transactions for the 'new' month while you have a previous month held open. These invoices will show as 'Next Period' transactions when you input them...
Example: Assume it is the 5th of August and your creditors system period is held open for July waiting for July supplier invoices and statements to arrive. If you input an expense item dated August, the Creditors Invoice screen will display that it will be stored for the 'Next Period'. The August dated expense will be stored during the active July period but the August expenses will not effect the July summary totals. When the July Creditors End of Month Update is completed, the August invoices will show as current expense transactions.
Somewhere between the 10th to 20th of the month, after all outstanding invoices have been received from suppliers and entered, print the required creditor reports and complete the Creditors End of Month Update procedure.
After the update is completed, the creditors active processing month will now match the debtors processing period. Payments that were made/dated for the current calendar month should now be entered. Continue entering payments until the last day of the month then freeze payment input (unless you are entering next period payments). You again enter the 'wait for supplier invoices' period during the new calendar month...
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