Receivables and payables: how they arise and are closed
Bimp creates debts automatically: a customer's debt arises when a "Sales of goods and services" document is posted, and the debt to a supplier arises when a "Goods receipt" is posted. To close a debt, create an incoming or outgoing payment and link it to an order or document. Monitor debts in the "Settlements" report.
What receivables and payables are in Bimp
Receivables are a customer’s debt to your company; payables are your debt to a supplier. Bimp creates them automatically from source documents, so you do not need to enter them manually.
| Debt | When it arises | Document |
|---|---|---|
| Receivables (customer’s debt) | goods were shipped or a service was provided to the customer | “Sales of goods and services” (sale) |
| Payables (your debt) | goods or a service from a supplier were accepted | “Goods receipt” |
How to close a debt
To zero out receivables or payables, create a payment, either incoming (a customer payment) or outgoing (a supplier payment), and be sure to link it to an order or to a shipment or receipt document. For details, see Customer payment and Supplier payment. Payments from a bank statement are linked during allocation: see Allocating bank statement transactions.
If no money moves, a debt is closed with a “Debt adjustment” document: Debt adjustments.
Where to monitor debts
You can see debts in three places:
- The “Settlements” report is the main tool: the balance for each counterparty. It opens in Reports → Settlements (with suppliers or with customers): see Settlements with counterparties.
- The counterparty card: Counterparties → the needed counterparty: information about them and their accounts.
- The dashboard: widgets with the total receivables and payables for quick monitoring.
FAQ
When do receivables arise in Bimp?
When a "Sales of goods and services" document is posted: the goods are written off the warehouse to the customer, and the system records their debt to you.
When do payables arise?
When a "Goods receipt" document is posted: the goods or service are accepted onto the balance, and your debt to the counterparty is recorded.
How do I close a debt without moving money?
With a "Debt adjustment" document: netting, write-off, assignment or offsetting of advances. See the article "Debt adjustments".
Where can I see the total receivables and payables?
The dashboard has widgets with the total amounts; the detailed balance for each counterparty is in the "Settlements" report.
More about this in Bimp: Finance in Bimp