How to enter a creditor

All creditors (Tradespeople) that your company use on a regular basis should be entered into Palace. This will allow you to create works orders and pay your creditors. Make sure you have the following information:

  • Contact email addresses
  • Contact phone numbers
  • Bank Account numbers for payment

 

Instructions on setting up a new creditor:

 
  • Click on Creditors (Left hand side menu)
  • Click on New (Top of screen)
  • Enter in the personal and contact details. Surname must be filled out but if you only know a company name, then put the company name in all three fields as per the example

 

  • Service address is the actual location of the company.
  • Select a payment type from the drop down list
  • Select an expense code from the drop down list.
  • Expense codes are used for reporting in the Year To Date Statement that goes out at the end of the year to the Owners. It allows all expenses to be broken down into the category that the expenditure occurs i.e Plumbing.
  • Under Remittance: Select the media from the drop down list
  • Enter in the type of business e.g Builder (This is very helpful to new property managers who might not be able to tell from the name of the company)
  • Enter in the type of services offered. e.g If a Plumber, you might put that they also do drain laying etc.
  • Under "Default Invoice Details" Type in the name of the company, this then shows on the owner statement so they can see who they paid an invoice to.
  • Mail Merge Inclusion: This is ticked by default and just means that if you are doing a bulk email or letter to all your creditors, this one will be included.
  • Click save
  • If you have marked this Creditor as "Direct Credit" you now need to right click on the creditor and choose Bank Accounts. Click on Add and enter in his bank account details.

 

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