How
to maintain Vendor’s Account
After
creating new company we will maintain subsidiary ledgers for account payable.
We will maintain vendor account to save information related to the company from
whom we purchase goods and services.
To
open window click VENDOR account in MAINTAIN MENU
By
clicking vendor following window will appear. This window provides us four tabs
- General
- Purchase default
- Custom fields
- History
The
upper tab in maintain vendor window is know as HEADER. In this tab we will
write VENDOR ID and NAME. For saving a vendor account the least requirement is
vendor id, name and purchase account.
In
GENERAL tab we will type basic information regarding our vendor contact no,
address, account no(where you will send payment), vendor type. After providing
all the necessary information click purchase default tab to proceed.
In
SALES DEFAULT we will give information about Purchase Rep (employee’s name who
act as a purchase rep for your vendor), Purchase Acct (a general ledger account
used for the purchase purpose for your vendor), and Ship via (here we will
select the shipping carrier that our vendor will use) and Terms( here you can
select the basic terms and conditions or set your own)
The
next tab is for custom field. In this tab you can add some extra information
about your vendor.
To
see the current history of your vendor’s account click on the history date
.here you can see the
- Last invoice date and amount.
- Last payment date and amount
Default
information for vendor
Information
provided here applies to your entire vendors unless you specify it for a
particular vendor. By maintaining this account your time can be saved and same
information can be used many times. To open vendor default window select
default information from maintain menu and click on vendor.
By
clicking vendor default following wizard will appear. This window has four tabs
·
Payment
terms
·
Account
aging
·
Custom
fields
·
1099
settings
The
first tab is of PAYMENT TERMS. In this tab you will provide information about
your payment terms.in the above tab payment terms are given on left side and
these are
- COD…..Cash on delivery
- Prepaid…...choose this option if you pay in advance
- Due in no days……select this option if you are going to pay your vendor after a specific no of days.
- Due on day of next month….select this option if you are going to pay on a certain day of next month.
- Due at the end of month……select this option if you are going to pay at the end of same month you are making purchases
The next tab is of ACCOUNT AGING. Here you are provided with two options
- Invoice date
- Due date
