Use party maintenance to view, edit, or delete any party from the list. Remember parties could be suppliers, customers, agents, or dealers.
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Add new Party
- To add a new party, simply click on
, choose the party type (created using
and fill up the form that is given to you. Make sure that the fields marked with * are not left empty and contain the necessary value.
– Permanent Account Numbers (Applicable in countries like India, Nepal , etc)
– Streamlined Sales Tax (Applicable in various states in the US)
– Central Sales Tax (Tax imposed on inter-state sales and purchase)
• Maximum Credit Period
– It is the maximum period that a company extending credit to a party allows the party to make payment for the invoice. No interest is calculated on receivable during this period.
• Interest Compounding Frequency Id
– This affects the frequency and time of interest posting to the receivable account.
Now click "Save" and then the party will be created with a new party code. The party code is an auto generated code which consists of the initials of the name of the party and a chronological number assignment.
Once the party is created, you can select it by clicking on the radio button to its left and then edit or delete the party and its details.
: You can not delete a party if you have already posted transactions.