If your entity purchases goods or services on credit terms, a liability will be created when the goods or services are received and, you will want to keep track of the amounts you owe to your suppliers. Artemis Account's Purchasing module does this and maintains a record of how much each supplier has provided in the year to date, credit terms and credit limit for the supplier, the amount of current and past due bills, and other information about the supplier.
This module also provides several summary reports giving information about suppliers
Information in this module is the basis for the entries relating to purchases on credit. When purchases are made, credit Creditors and debit Stock/Inventory or Expense - and VAT/Sales Tax Liability if this account is kept. When you pay the suppliers, credit Cash or a Bank Account, and Debit Creditors.. Other possible variations are described in a later section.