Forum Discussion

Cavman's avatar
Cavman
Experienced Cover User
6 years ago

Value of entering purchases versus spend money

Many of the purchases made by our business are paid on company debit card so the transactions are picked up on the bank feed. My predecessor in the job always entered all transactions as purchases th...
  • Neil_M's avatar
    6 years ago

    Hi Cavman 

     

    AccountRight is designed to record purchases from suppliers through the purchases command centre. This updates both the accounts payable control account and the inventory list if you are purchasing items.

     

    The spend money functionality is designed for those incidental expenditures, like the morning coffee. If you were to use the spend money function, this can prevent certain reports, designed to track transactions with suppliers from reporting accurately and can also cause out of balances between the accounts payable control account and the invoices in the file