You can add vendors for use in entering checks, invoices, credit memos, and transactions, or edit or delete vendor information using the Vendor Setup tab of the Vendors screen.
In addition, from the other tabs on this screen, you can view the Vendor List, to review a list of all vendors you have defined, review a list of bills that have been entered on the Bill List tab, and view a list of all invoices paid to any vendor on the Bill Payments tab.
You can enter vendor information on screen, or, if you are converting from QuickBooks (PC or Online) or Peachtree or have saved vendor information to a properly-formatted Excel spreadsheet, you can import vendor information rather than entering it on screen. Be sure to generate the vendor report or spreadsheet and save it to your hard drive before beginning the import process.
To set up, edit, import, or delete vendor information:
1. Select Vendors from the Expenses menu to open the Vendors screen.
The Vendor Setup tab is selected by default.
2. Click Import, if appropriate, and select QuickBooks (PC or Online), Peachtree, or Generic Excel from the drop-down list to open the Import Vendors dialog and import vendor information from the specified source.
The dialog allows you to navigate to and select a previously-generated vendor report or Excel spreadsheet. Click OK to import the information in the selected file.
3. Ensure that New is selected in the Select Vendor drop-down list to enter a new vendor, or select an existing vendor from the list to edit or delete the vendor.
Note: You can select the Vendor List tab to select a vendor to edit or delete.
To delete an existing vendor, select the vendor from the drop-down list and click the Delete button. This button is disabled if the vendor has already been used in any transactions.
4. Enter an identifying number for the vendor in the Vendor # field.
This number is used to identify the vendor on reports.
5. Enter the vendor Name, Alias, and Address information, including the Email address, in the fields in the Vendor Information section.
The alias is the form of the vendor name stored in the bank record. If you download electronic transactions, enter the alias in the Alias field. This field is automatically entered by the system after you first update electronic transactions for this vendor.
6. Select a default department (or fund for non-profit organizations) to apply to all transactions for this vendor, if applicable, from the list in the Default Department field.
You can change this department for individual expenses.
7. Select the Sales Tax Agent check box in the Miscellaneous Information section to set the vendor up as a sales tax agent.
You should set up a vendor as a sales tax agent for each state for which you collect sales tax, typically the government agency to which you pay sales tax collected from your customers. The Default Account you specify for a sales tax agent should be a sales tax liability account.
8. Select the Sales Representative check box to identify the vendor as a sales representative (for example, a contractor).
You can print the name of a customer's sales representative, whether employee or vendor, on the customer's invoices.
9. Select payment terms for the vendor from the drop-down list in the Terms field.
This list provides several industry-standard dates on which an invoice is considered due, and discount percentages for paying bills before the due date. You can change these default terms on specific invoices.
Alternatively, click Add Vendor Term to create custom terms for this vendor. The Add Vendor Custom Term dialog appears. Enter a description of the terms and the number of days in the appropriate fields and click Save.
10. (Optional) Use the Memo field to enter information to appear by default in the Memo field of checks, bills, etc., or use the Notes field to enter any additional information about this vendor for internal use.
Entries in the Notes field are not printed or noted on any customer check, bill, or other document.
11. (Optional) Select the Inactive check box to place the vendor into Inactive status, in which the vendor is unavailable when entering invoices or credit memos.
12. Select an expense or liability account from the drop-down list in the Default Account field in the Account Information section to designate the default account for transactions for this vendor.
You can select another account for specific transactions or expense transactions to multiple accounts.
13. Enter any beginning balance owed in the Beginning Balance field, and, in the As Of field that appears, enter the date on which you entered the vendor information.
You can enter a negative beginning balance if the vendor is owed a credit, automatically generating a credit memo that you can apply when paying bills to this vendor.
The As of Date is used in the Accounts Payable Aging Report.
14. Select the 1099 Vendor or W-9 check box for 1099 vendors, to generate a 1099 by default for this vendor.
Note: 1099-MISC forms can be printed for all vendors requiring them. You can attach a copy of the W-9 for the vendor using the Attach button.
Selecting the check box enables additional fields in the 1099 Information section to appear.
15. Enter 1099-related information in the fields in the 1099 Information section:
§ Select the 1099-MISC type (identified by description) from the Type drop-down list.
§ Enter the vendor's SSN or EIN in the SSN/EIN field.
§ Enter the Initial Balance and For Year information in the appropriate fields if transactions occurred with this vendor earlier in the current calendar year.
16. Click Attach to attach a copy of a W-9 or any other related document to this vendor, and, in the Attach Documents dialog that appears, navigate to and select the saved document to be attached and click Attach Selected.
17. Click Save to save your entries and then click Add to add another vendor, if necessary.
You must save your entries on this tab before you can move to another tab on the Vendors screen.