Do I use a supplier invoice or a bank payment?
Bank Payment method should be used for payments that are not on credit (those that are paid for at the time of purchase) such as stamps, stationery and smaller items, wage payments, bank interest, VAT payments etc.
The Supplier Invoice method should be used for stock purchases, purchases where the supplier has given you credit, or for payments where you would like to keep a close track of transactions relating to that particular supplier. Examples of this would be telecoms bills, rent payments and so on. Entering supplier invoices will require the balance to be settled with a second entry (allocating the payment to the invoice)
What nominal code do I use?
This is a question best answered by your accountant since they will know your business better than we do. As a guide:
| Codes | Name | Description |
| 1000 to 1999 |
Current assets | These are your bank accounts, debtors control account and so on. Payments can be made to or from these accounts. A payment from or to an asset account will also require a matching code, for example a bank payment for stamps will be from account 1200, transaction code 7501 (Postage and carriage) |
| 2000 to 2999 |
Liabilities | Generally you will not need to use these accounts; Brightpearl will enter information to these accounts automatically. An exception would be Loans or Corporation Tax for example. |
| 3000 to 3999 |
Capital | Do not post transactions with these codes unless you know what you are doing |
| 4000 to 4999 |
Sales | All your sales should use one of these accounts. If you want you can split sales up and allocate part of a sales invoice with one code and part of an invoice with another code. |
| 5000 to 5999 |
Purchases | These codes should be used for purchases that relate directly to your sales (cost of sales), for example Import Duty on products, Carriage invoices from your courier company, packaging costs and so on. |
| 6000 to 6999 |
Direct expenses | Use these codes for payments such as advertising fees |
| 7000 to 7999 |
Overheads | These are the codes most commonly used for tracking all your other business expenses, such as travelling, wages, rent, utility bills and so on. There is a code here; 7501; Postage and Carriage, that should not be confused with 5100; Carriage. The 7501 code should be used for non sales related postal expenses (such as stamps for a mailshot). The 5100 code should be used for carriage expenses that relate directly to items shipped (such as postage expenses if you are a mail order company). |
| 8000 to 9999 |
Other | Do not use these codes unless you know what you are doing. |
How do I do a bank reconciliation?
You can find out all about the bank reconciliation and bank matching routines using the documents here.
