New Vendor Entry

Article Contents: This article covers how to add a new vendor, set default accounts, terms, tax details, and 1099 options.

Step-By-Step:

Step 1: To enter a new vendor, select “New” at the top of the Vendor listing page.

This will take you to the first tab of new vendor entry.

Step 2: To create a vendor, you will complete the following fields:

Vendor ID - Alphanumeric field that defines the identification of the vendor. The vendor can be all numeric, all alphabetic, or a combination of numeric and alphabetic. Once you have saved the new vendor, you will not be able to edit this field.

Account Status- Select Open or Closed.

Name - Enter the vendor name.

Address-1 - Used for the street address of the vendor.

Address-2, 3 - Optional. This line is used if the vendor has a second line in their street address, such as a suite number.

City - Used for the vendor city information.

State - This field is used for the Vendor State.

Zip Code - This field is 10 spaces, and is capable of handling the extra 4 digit zip code.

Country - Used if the check is being sent outside the country.

Phone No - This field is optional, and is used for customer information.

Fax No - This field is optional, and is used for customer information.

Vendor Email- This field is optional, and is used for customer information.

Attention – This field is optional, and is used for customer information.

Vendor type- This field is optional, can be used to select Open Invoices for payment and run reports.

Account No - Enter the account number issued to your company by the vendor. This number will print on the check below the Payee information. This field is optional.

Web Page - This field is optional, and is used for customer information.

Next, you will set up the Vendor Defaults:

First, select your GL AP Account. The GL AP account will be your default AP Trade account for this vendor. If this field is left blank the Vendor will use the company default AP trade account. If this field is greyed out the default AP trade account has been locked and will need to be changed by a System Administrator:

Step 3: To enter account numbers, key in the account, then select from the drop-down menu.

*The account field uses what's called the autocomplete or word completion feature. It works by creating a list of possible values based on what you've typed so far. A scrollable list will appear as soon as you start typing and the list will shrink and expand as you type. You can select an account by either clicking it with your mouse or using the up/down arrow keys and pressing the tab key*

Step 4: Next, you will select the default terms for this vendor. The Terms code is used when entering invoices; this will calculate the Due Date and the Discount Date:

*A Normal Terms Code is used when by agreement, or by definition from the vendor, an invoice is due x number of days from the Invoice Date or a Discount is available if payment is made within a certain number of days. *

OPTIONAL: Select your default currency.

Use Tax: By selecting this option, you will be able to enter a Use Tax amount when paying invoices for this Vendor. This option must be checked to enter Use Tax.

Step 5: You will then need to enter the Tax ID number:

Federal ID Number - This Type requires that you have the Federal ID Number of your Vendor. If you don't have the number at the time of creation, leave this field blank and you can enter the ID at a later date.

Social Security - This Type is used when you pay non-employee compensation, such as paying an entertainer for the lobby.

Step 6: Finally, to flag the vendor for 1099 processing, check next to Vendor 1099. You will then select your Tax Category.

1099 Category - The categories range from 0 to 7. The most commonly used are: 0 - No 1099 printed for this Vendor and 7 - Nonemployee Compensation. The 7 will set up the Vendor for 1099's. The categories are as follows:

0 = No 1099 printed for this vendor
1 = Rent
2 = Royalties
3 = Prizes and Awards
5 = Fishing Boat Proceeds
6 = Medical and Health Care Payments
7 = Nonemployee Compensation
A = Attorney Fees

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