How to add a new Counterparty

To add a new Counterparty

1. Select+New >Counterparty from the main toolbar.
   A New Counterparty screen opens at the General tab.
2. Enter a Name.
   This is a required field.
3. Select and/or enter whether the Counterparty Is Individual, Alt. Name (optional), Type (optional), Industry (optional) and ABN (optional).
   Note: Alt. Name stands for alternative name. It is important that when you set up the Counterparty that you enter the full Counterparty name in the Name field and the abbreviated or nickname for the Counterparty as the Alt Name. For example, the Australian Taxation Office is also referred to as the ATO, ATO would be entered as theAlt. Name. It is important to name the Counterparty correctly to prevent multiple counterparties being created for the one Counterparty.
4. Enter the address and any other contact details such as email, phone, dx etc. that may be required for the Counterparty.
   Note: Some of these fields may seem to be ‘asking for too much’, but consider, for example, that by typifying every Solicitor as a Solicitor, you can then generate reports listing your solicitors across your whole business. The amount of data mining you can do is a direct result of how much information you put in and the quality of the information. In the future, further reports and data mining will be available, and these can only properly be utilised if the data you enter is standardised and complete.
5. Contacts can be added to the Counterparty from the Contacts tab and clicking the +Add button.
   For Contacts that are already entered into the database, you just need to search for them and then link them into the Counterparty by clicking OK.
   For Contacts that are not in the database, click Add New Counterparty to enter the new Contact. For further details on how to enter a Contact, see Contacts. You can have multiple Job Contacts linked to a Counterparty.
   The Jobs tab will list all the debts owing to the particular Counterparty and the Debt Class, Amount owed, amount Claimed, amount Admitted and amount Distributed across all Jobs.
   The Transactions tab lists all the transactions that have occurred with the Counterparty across all jobs. You can filter the transactions to only show between a certain date ranges. Double-clicking on the transaction will open up the original input screen.
   The Advanced tab allows you to enter the bank details in for the Counterparty. This is particularly useful if you intend to make payments to them electronically. The Authorised Supplier checkbox is for Purchase Orders and Accounts Payable transactions. If this checkbox is ticked, and the restriction is set in Application settings, only those counterparties will be allowed purchase order and accounts payable transactions to be invoiced.
6. To turn the restricted feature on select Manage Application Settings from the Main Menu. Click on Advanced Settings and tick Restrict Accounts Payable and Purchase Orders to Authorised Suppliers Only.                               
7. When searching counterparties to prepare an account payable those counterparties ticked as Authorised suppliers will appear in the list with a tick.
8.