Accounting for creditors ...

Let's consider the new recording and reporting in relation to creditors

1.  Recording

Document.  The documentary evidence of a credit purchase is an Invoice.
Stock card.  Same as cash purchase but use Invoice in the details column not Cheque.
Journals.  Use Purchases Journal (or Credit Purchases Journal) for creditor invoices.
Creditor payments:  The Cash Payments Journal will include a Creditor or Creditors Control column.  This will record cash paid to the creditor plus any discount revenue that the creditor offered and the business took advantage of.  There will also be a discount revenue column to record the discount revenue taken by the business.  This discount column, is a non cash item. Discount revenue is cash that was not paid.  Remember that!
General Ledger.  Will include Creditors Control ledger account which is a summary of all creditor transactions.  Think summary or total account for creditors.
Debits will be Bank/Discount Revenue.
Credits will be opening balance and Stock Control/GST Clearing.
Creditors Control is a key account so remember these debits and credits.
The Trial Balance will include Creditors Control.
Creditors Subsidiary Ledger.  This is a ledger just for individual creditors.  Remember to use the specific date of the transaction in the CSL.
Creditors Schedule.  This shows the individual creditor balances and the total which should equal the balance in the Creditors Control Account.

2.  Reporting

Cash Flow Statement.  Payments will include creditor payments.  This will be the total of the Creditors column in the CPJ less any discount revenue.  Remember that!
Income Statement.  
'Other revenue' will usually include Discount Revenue.  That's it!
Balance Sheet.  Creditors will be reported as current liabilities as they represent a current obligation that will lead to a future outflow that will be paid by the business within 12 months (usually 30 days).