2.5. Debtors
Debtors are customers who obtain goods or services at the time of sale, and then pay for them later. They are your "account customers".
Debtor Control can be a real nightmare. Equity provides facilities to keep track of who your debtors are and how much they owe. Invoice and payment details are kept on file for you to browse through at any time, and many reports and listings allow you to keep a tight reign on your account customers.
2.5.1. Debtors Maintenance
Below is the Debtors Maintenance screen. It allows you to enter, edit or view all of the relevant information for a Debtor, as well as allowing you access to their transactions and sales history.
2.5.2. Invoicing
You will be invoicing Debtors by using the Invoicing Module. Equity provides many popular invoicing form formats including plain paper and HP Laser. You can select to use whichever form best suits your needs.
If you want to have a look at the invoice formats available, refer to Invoice Forms in the Invoicing Module section of the manual.
2.5.3. Payments
When a payment is received from your Debtors, it is entered into Equity using the Cash Receipt Entry/Report option from the Debtors Module. The entry screen looks like this.
2.5.4. Adjustments
From time to time mistakes will be made. They are usually incorrect amounts that have been posted or transactions that have been posted twice. Equity provides a Journal Entry facility so these adjustments can be made easily and without confusion.
Note: If you want the Debtor's balance to go DOWN, a credit must be posted. If you want the Debtor's balance to go UP, a debit must be posted.