2.6. Creditors
Creditors are businesses or people that you have brought goods or services from and have agreed to pay for them later. They are generally your suppliers.
Equity provides facilities to help keep track of what you owe and to whom you owe it. At any time reports and listings can give you up-to-the-minute information about your creditors.
2.6.1. Creditor Maintenance
Below is the Creditors Maintenance screen. It allows you to enter all the relevant information for a Creditor, as well as allowing you access to your transactions and monthly history.
2.6.2. Payments
When a payment is made to a Creditor, it is entered into Equity using the Transaction Entry option from the Creditors Module. The entry screen looks like this.
2.6.3. Adjustments
From time to time mistakes will be made. They are usually incorrect amounts that have been posted. Equity provides a Journal Entry facility so these adjustments can be made easily and without confusion.
Note: If you want the Creditor's balance to go DOWN, a credit must be posted. If you want the Creditor's balance to go UP, a debit must be posted.