This document explains how to set up counterparty in the system.
WHY IS IT IMPORTANT?
User may set entity – Counterparty – the contracting parties for transactions with accounting centre maintained in the system.
1. Click on Set Up > Static > Counterparty.
2. It will be directed to the Counterparty screen where all the counterparties set up previously are shown.
3. Click on New to be directed to the New Counterparty screen.
4. In the Short Name field, enter the short name you want to set up for this counterparty. For example, you may put HSBC-HK for HSBC in Hongkong.
5. From the Ctpy Type field, choose from the dropdown depending on what kind of company you are setting up, in this example, HSBC is a bank, therefore Bank/FI will be chosen. Other types are Custodian, Customer, Stockbroker, Supplier or Investor.
6. You may now click on Save. But if you wish to maintain other fields, click on the Show Advance button.
The screen will look like this:
8. In the Long Name field, type in the full name of the counterparty.
9. GST Status is a required field but may be set as “Standard”.
10. The Tax Residence field can be left Unassigned but you can also choose a country from the drop down.
11. Ctpy Classification is a user definable field. You can only choose a value that has been set up. To set this up, click here.
12. After filling out the desired fields, click on Save. The screen below will show. The newly created Counterparty has as “N” in the approval column. For this counterparty to be accessible, it has to be approved.
13. To approve, select the check box and click Action and Approve.
FREQUENTLY ASKED QUESTIONS
FAQ01. I do not see a Ctpy Classification.
To set up the Ctpy Classification, see guide on set up of User definable items.
FAQ02: How do I create user definable attributes?
To create user definable attributes, see this user guide.