| 132 Virginia Ave, Hawthorne, QLD 4171 |
| Phone: 07 3395 7733, Fax: 07 3395 7732 |
| http://www.lennox.com.au eMail: doug@lennox.com.au |
| Debtors (or Accounts Receivable) is an accounting ledger
with the role of keeping track of money owed to the
business by customers who purchase goods & services
on credit accounts, and who make payments from time to
time according to an agreed aging of the debts. The LILAC Debtors ledger is an integrated part of the whole LILAC package, and generally most of the debits are created by the operation of other parts of the package such as Sales Orders and Invoicing. The LILAC Debtors Ledger could be operated in a purely stand-alone mode, but nowadays most businesses would expect to exploit the benefits of integrated accounting operations. LILAC Debtors are implemented as an "open-item" regimen rather than a "balance forward" style. This means that the software keeps track of the details of any unpaid or partly paid items (usually invoices), until such time as they are fully paid for. The presentation on the Statement document lists the unpaid and partly paid items, and summarizes the balances on a 30/60/90 day aging. |
| LILAC Debtors Ledger |
| Debtor Account Document |
| This document is used to create and
edit data stored in the database about
individual debtors. It brings together a
Name & Address record for the "Head
Office" of the debtor, plus any number
of site or delivery addresses
associated with it. Below the black line fields specific to debtors operation are defined such as Credit Limits, Sales Analysis Parameters, Discount & Price Selection Parameters, classification and categorisation data. Many businesses make LILAC debtors synonymous with customers, and distinguish between trading terms by setting the Terms field - i.e. a cash only customer is a debtor with 0 days terms. |
| It is convenient to maintain extended transaction histories in a LILAC debtors ledger so that a long term financial relationship with a client may be maintained, and increasing or decreasing trends in purchasing may be identified. Many LILAC users will have four or five years full history of their relationship with a customer. |
