B2B Vendor Management: How to Work with Contractors & Counterparties
Definition of Counterparties
A counterparty is the other participant in a financial transaction or contract. Every trade requires two sides – such as a buyer and a seller, or a lender and a borrower. Counterparties can be individuals, businesses, governments, or institutions.
To be able to create PURCHASE ORDERS or ENTER SUPPLIER INVOICES, you need to create COUNTERPARTIES in YumaPOS.
View a List of Counterparties
Sign into your BOM and navigate to Inventory / Counterparties.
At the top of the screen we have the ever present menu bar of options and filters.
Below is a list of the COUNTERPARTIES that have been created in YumaPOS.
Add New Counterparty
To add new COUNTERPARTY, open the list of registered counterparties as described earlier in this article and then complete the following steps :
- Click <+>
- Complete the Add Counterparty form
- click <Save>
Required fields (marked with an asterisk *) :
- Company Name : Usually the trading name / registered business name
- Legal Name : Usually the one attached to the ABN
- Tax Number : Either ABN or ACN
- Country : Defaults to Australia
All other fields are optional and informational
If new counterparty has a wholesale price list, select that price list from the Wholesale pricelist list dropdown. For more information, see the Wholesale price lists section.
<Save> your work.
Edit Counterparty
Select an entry from the list
Make your changes
<Save> your changes
Delete Counterparty
- Select the NAME to be sent to the archive
- Click <Delete> and confirm deletion
NOTE : You cannot delete vendors that are mentioned in applied inventory documents, such as Acts of receiving, purchase orders, etc
View Dealings with Counterparty
YumaPOS logs all information about the work you do with your counterparties (such as purchase orders, the orders statuses, etc.). You can view the counterparty profile to quickly get a filtered list of these actions.
- Navigate to Inventory / Counterparties
- Select the NAME you want
- Select the INVENTORY ACTION you are interested in
- Define a FILTER if needed
- General : displays the counterparty profile
- Purchasing Orders : displays overall information about all purchase orders raised against counterparty
- Receivings & Shipments : will list all invoices for the chosen counterparty
- Inventory Items : displays a list of inventory items purchased from this vendor
- Statement : can be used to generate transactional lists by period
Many entries will be blue to indicate that you may drill down into the selection for more detailed information.
Make Order
This is covered in depth under Inventory Transactions / Purchasing Orders.