Join Jess Stratton for an in-depth discussion in this video Creating and editing vendors, part of QuickBooks Pro 2015 Essential Training.
- To access the Vendor Center, click "Vendors" from the Home screen, and you'll be brought into the Vendor Center. Now, I've already made one Vendor in here, and here's our other Vendors that we set up earlier, when we were setting up our Tax. Now, if you're following along in the exercise files and you don't see the Olive Works vendor here, it's because during the video when we upload via Excel, you'll have a chance to import it then. Like Customers, I can look on the right-hand side and see everything there is to see at a glance about that Vendor, such as their terms, what type they are, their address, I can get a map of where their offices are, directions to where they are, and down at the bottom I can also list all their transactions.
For example, if I wanted to filter that, I can show just some particular transactions, such as purchase orders that they've sent me, bills that they've sent me, and even checks that I've sent them. And I can further filter that view, by not only filtering by certain transactions, but also by date. For example, I can see how much money I've given a particular Vendor, either this year, or this month, or anything that I want to see. I can see multiple Contacts for that Vendor, and I can click on any of these tabs, just like I could in the Customer Center, to view any possible To Do's or Notes that I have.
And like the Customers, to create a new To-Do, I can click "Manage To Do's" in the bottom of the screen and select "Create New." If I want to edit a Vendor at any time, I can simply double-click on that Vendor. It's going to open up a dialogue box. And now I can go in and change any information that I see fit. But I'm going to close out of this for now, because I want to add a new Vendor. To add a new Vendor, from the top of the screen, select "New Vendor," and then choose "New Vendor" again.
The first thing you need to do is give your Vendor a name. You can enter any opening balance if they have one, and now you can go through and fill out as much or as little as you want about that Vendor. You can put in their phone number or email address, you can come down into this field, the Address Details field, and put in their address, you can click "Copy" to get the billing address copied over into the shipping address, and then, on the left-hand side, you can go through the tabbed interface, and fine-tune everything that you need to know about that Vendor.
For example, if you have an account number with them, what their payment terms are, their billing rate. As they're a Vendor, and you're going to be paying them, you can specify how they want their name printed on a check. Going down to Tax Settings, you can place a check box here if they're eligible for a 1099, meaning you're going to be paying them enough over the course of the year that you need to print out a 1099 and report it in your taxes. You can get a Vendor Tax ID.
They'll either give it to you, or, if they're a sole proprietorship, it's going to be that person's Social Security Number. These are things that the Vendor needs to provide to you. I'm going to leave that unchecked for now. We're going to talk about 1099's later on in the course. Clicking on "Account Settings" will help you enter in some default accounts that you want to be associated with that Vendor. For example, when you're paying bills, QuickBooks can automatically put them under a certain Expense Account.
It's up to you to choose what these are. It's just to save you some time. And you can come in here and change them at any time. For example, MetalWorks Presses promotes our business a lot, and we pay them for advertising, so I'm going to put them under the Advertising and Promotion Expense. Finally, in Additional Info, you can choose the Vendor Type. This is what we just set up in the previous video under Vendor Types. When you're all done, click the blue "OK" button, and we've just created a Vendor.
- Setting up a new company file
- Working with the chart of accounts
- Adding bank accounts and credit cards
- Adding service or inventory items
- Setting up sales tax
- Adding customer, vendor, and employee profiles
- Billing customers
- Receiving payments
- Recording deposits
- Handling refunds and credits
- Paying employees
- Sharing QuickBooks with others
- Running reports