Add a Vendor or Payee
You can add vendors and payees. These are people or businesses that you interact with on a daily basis, such as the post office or the local flower shop.
You can also add vendors when entering disbursements.
- On the Other Information tab, click Vendors & Payees.
- Click Add Vendor.
- Enter the vendor's account information.
- Abbreviation—Enter a unique abbreviation for the vendor name. You can turn this optional field on or off on the General tab of the Initial Setup window.
- Default to EFT—Select if this vendor's default payment method is electronic fund transfer. If selected, when you add an invoice for the vendor, the EFT option is selected by default. You can still clear it for a specific invoice, if needed.
- Terms/Discount Terms—Enter the payment conditions that the vendor has specified. For example, if 15 Days, Net is selected in the Term drop-down list, the vendor requires you to pay the invoice within 15 days of its invoice date. If 5%, 10 days is selected in the Discount Term drop-down list, if you pay the invoice within ten days of the invoice date, the vendor allows you to pay 5% less.
- Add Documents—Upload additional documents that relate to the vendor/payee.
- Alter Totals—If you converted your data and your fiscal year does not begin in January, you need to manually alter these values. Your fiscal YTD and calendar YTD totals do not include transactions from before the current fiscal year, but they are still within the current calendar year. In the Alter Totals dialog box, click Copy 'Total from Transactions' To 'Current Total' if no prior transactions need to be added to the amount in the Total From Transactions field. If you've selected which amount prints in the vendor's 1099 box, you can enter the breakdown of totals. This information prints on the 1099 for vendors.
Note: The Last Check Paid, Fiscal YTD Payments, and Calendar YTD Payments fields automatically update as the payment is made to the vendor. Similarly, the Next Invoice Due and Outstanding Invoices fields automatically update after you enter the invoice that was received from the vendor. - If the vendor's default payment method is EFT, make sure you select Default to EFT.
- Enter the vendor's address information.
- In the navigation pane, click Tax Information to enter the vendor's tax information.
- In the navigation pane, click Automatic Distribution to set up an automatic distribution for the vendor.
- At the top, click Save.