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Former Member

How to create a loan creditor

I would like to find out how can I create a loan creditor.

My company buys from China and there is this man in China that helps me pays my supplier first. The money is pay direct to the supplier without going thru my bank account. The money I owned him I will help him pay when he buys products from USA or TT back to him in China as and when needed.

My question is how to do I create an account for this man?

Is he a vendor/customer/account? How can I used the money in this man account to offset payment to my supplier?

Thanks

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2 Answers

  • Posted on May 11, 2015 at 12:37 PM

    A service PO can be created against which, payment can be made via TT as and when required. So here in this case, that individual can be treated as a vendor.

    Wherever this individual buy products from you, SD process can be followed. So here, he can be treated as a customer.

    G. Lakshmipathi

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  • Posted on May 07, 2015 at 09:54 AM

    Hi

    This is very interesting scenario but I think some FI guy could give some better solution. This business partner will be opened as vendor. How the offsetting entries will be posted is something that FI guy can explain better.

    Thank$

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