Counterparty Upload Template Sections Explained
A Counterparty is a cieTrade term used to identify the companies you are doing business with, such as customers, suppliers, freight vendors, etc. The counterparty template allows you to upload these companies into cieTrade in bulk. This article will first review the required fields, then explain the optional fields to capture additional information.
Required Fields
Company Short Name: This is used to if you want to include an abbreviated name of the company. (Example, cieTrade)
Company Long Name: This is the entire business name, and must match exactly what is in your accounting system. (Example, cieTrade Systems Inc.)
Is Primary Address: This column will be answered with either YES or NO. If this is the company headquarters where all billing and invoices will be sent, you will enter YES. If this is a secondary location within the same company, maybe a service address, you will enter NO. If this company has multiple locations you are working with, but one main billing address, the primary billing or remit to address must be listed first, with all secondary locations listed below.
Currency Code: This will be where you can enter the currency this counterparty operates in. Please note counterparties can only have one currency. If you have a company that operates in both USD and CAD, they will need to be set up as two different counterparties.
Role: This is where you will identify your relationship with this counterparty, whether they are a customer, supplier, freight vendor, or a combination of roles. This column is not limited to only one role. Maybe this company is both a customer and supplier, that should be included in this column.
Address Label: The address label column is used to differentiate between your locations. How you would like to name your locations is up to you, but every counterparty needs a location label. If a location label is not entered, the system will default to INVOICE.
Remit to Address: The remit to address is similar to the primary address field. This is just indicating that the location is the remittance address where invoices and bills will be sent. This column should be completed with either a YES or NO.
The address lines are available to input the counterparty address.
Payment Terms: The last required column for uploading are the payment terms. Each counterparty must be assigned a payment term regardless of their role. The payment terms must match exactly what you have in your accounting system.
Optional Fields
We provide many optional fields to include additional information such as tax codes, sales reps, and invoice notes. These sections are optional so if you think it would be useful to your organization you can enter information into these fields.
The counterparty template also provides 3 areas to add a Primary, Billing and AP contact. This is also an optional field, but we highly suggest adding a primary contact to easily email documents from the system. We provide the contact upload template to include any additional contacts you would like to store in your database.
Once you have finished entering all the necessary information, send back to the support team to upload into your database.
If you have additional questions, please contact the Support Team via email to support@cietrade.net.