Counterparty
GeneralAny external business your organisation deals with: a client, a supplier, a contractor or a partner. A company you both sell to and buy from is still one counterparty, carrying both roles.
Why it matters
Keeping every client and supplier in one register means tax numbers, bank accounts and payment terms are entered once and reused on every invoice, contract and transaction. It also makes duplicates visible: two records for the same company split its history and hide how much business you really do with it.
Worked example
A design agency invoices a printing house for artwork and also buys printing from it. Recorded as one counterparty with the client and supplier roles, the agency sees what it billed and what it paid that company on a single record.
In Flowtly
The Counterparties page lists every client and supplier, with All, Clients and Suppliers tabs, a completeness ring on each record and a merge for possible duplicates. A counterparty can carry a default project and budget, which Flowtly then suggests on its bank transactions and cost invoices.
Related terms
In the knowledge base
See it live in Flowtly
Flowtly brings finance, projects, and people into one place — with live numbers instead of spreadsheets.