To create a vendor record, open the Vendors menu and select Vendor Center. Above the tabbed table, there’s a small toolbar. Open the New Vendor menu and click on New Vendor. A window like this will open:
At the top of the screen (not pictured here) is a box labeled Vendor Name. Enter it, then move on to the Opening Balance field and supply the amount and date. If you don’t understand the concept of opening balances, we can go over this with you.
Fill in as many of these fields as you can, then click on the Payment Settings tab in the toolbar on the left. The fields in this window-Payment Terms, Credit Limit, etc.-are optional, but complete what you’re able to. The more you can fill out now, the less work you’ll have to do later, since much of the information here automatically comes up when you create transactions.
The other tabs here open windows where you can specify:
Tax Settings. Vendor Tax ID and 1099 eligibility.
Account Settings. Here, you can select the default account that should be automatically selected when you enter a bill or expense for this vendor (for example, phone bills=Utilities:Telephone). Talk to us if you don’t understand this. It’s OK to leave it blank for now.
Additional Info. Vendor Type (subcontractors, for example) and Custom Fields (fields you can define for your own use).
When you’re done, click OK.
Viewing Your Records
Once you’ve created one or more vendor records, the Vendor Center will display a list of them in its left pane. Click on one to highlight it, and you’ll see something like this in the right pane:
Here’s where your conscientious work creating records starts to pay off. Click on any of the five tabs in the top toolbar to display that vendor’s Transactions, the Contacts from that company, any related To Do’s, Notes you’ve taken, and Sent Email. Once your lists grow unwieldy, you can search by a variety of filters.
Using Records in Transactions
There are numerous transaction types that require vendor information, like purchase orders, bills, checks, and sales tax payments. When you open one of these transaction forms and click the down arrow in the Vendor field, your list will drop down. Select one, and related details that you’ve already entered will automatically appear in the correct fields.
You can create vendor transactions from either the home page or the menus. You can also do so from the Vendor Center.With either the Vendors or Transactions tab active, you’d click on the New Transactions link in the upper toolbar and select the one you want to launch.
The mechanics of filling in the fields in vendor records and using that information in transactions are not overly complicated. However, as we’ve noted here, you may run across unfamiliar concepts. We’d be happy to spend some time with you exploring this whole topic–please call us at 256-337-5200 today to set up an appointment.
The “QB Bob” Team
Intuit Premier Reseller