What is the Debtor Element?
As background information, Castaway, designed based on the three-way accounting principle, incorporates an inbuilt trade debtors account. By default, all sales elements are automatically linked to this account as part of the core accounting structure.
However, if you need to establish a distinct trade debtors account to group specific sales items, differentiating them from the inbuilt trade debtors, you can use the Debtor Element.
This functionality becomes particularly valuable when dealing with diverse income streams featuring different receivable terms or when you want to monitor specific debtors separately, such as overseas trades, sales categories, or other distinct debtor categories.
The Debtors Element will be listed along with Trade and other debtors in the balance sheet report.
Where can I add the Debtor element?
To add a Debtor Element, navigate to your Chart of Accounts, scroll down to the Balance sheet area, and the Debtor Elements will be positioned just above the Fixed Asset group.
You can add as many Debtor Elements as you need.
The cashflow terms among other settings for the Debtor element can be adjusted within the Debtor Element itself.
How can I link it to the sales element I need?
Once this element is added, you can select it as a "Debtor Reporting" account for any sales element under the settings tab. Start by selecting the "Link to Debtors element" option in "Debtors Reporting", then click on the drop down arrow next to "Debtors element".
Next Steps