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How do I enter the transactions for my payments to a Buying Group?

There are various ways that this can be entered on KEY Accounts.

  1. Enter all Invoices from all traders to one trader called ‘Buying Group’ and put a consistent wording in the first part of the description to say who the invoice actually came from. Then they can all be paid with one Purchase Payment .
  2. If you run your accounts based on Bank Payments  and/or want a trail of what you are spending with EACH trader, then  set up a new bank account called ‘Buying Group’. Enter all payments from this Bank Account to the relevant traders. Enter a Bank Transfer from the current account when the payment is made.
  3. Enter all the invoices onto the individual traders, then enter a purchase payment on each trader to pay the invoices using the same method, reference and date so that the payments will add together on the Bank reconciliation and show as one amount going out of the Bank.