Customer and supplier ledgers with ageing in Genoa

What are customer and supplier ledgers?

Customer balances are amounts customers owe the company, usually from sales on credit. Supplier balances are amounts the company owes its suppliers, usually from purchases on credit.

Buying and selling on credit is common in the Iraqi market, so a company needs to know exactly where it stands with each customer and each supplier.

What is debt ageing and why does it matter?

Ageing shows how long each balance has been outstanding. A debt that is a week old is a different matter from one that has been open for months.

Customer ageing shows which debts have been outstanding longest and need following up. Supplier ageing shows which amounts owed are oldest, so payments can be planned.

How are the ledgers kept up to date in Genoa?

Customer and supplier ledgers are part of the same product as sales and purchasing and accounting. A sales invoice on credit is reflected in the customer's ledger, and a purchase invoice on credit in the supplier's ledger.

This keeps the ledgers consistent with what has been recorded in sales, purchasing and the accounts.

What if you deal with customers or suppliers in dollars?

It is common for Iraqi companies to deal with customers or suppliers in US dollars. For these cases, Genoa offers multi-currency: the invoice is priced in dollars at an exchange rate, and the balance is recorded in the books at its Iraqi dinar equivalent.

Multi-currency is optional: it is off by default and switched on per organisation, according to each company's needs.

Questions about customer and supplier ledgers

All frequently asked questions: Genoa