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Managing Vendors

Vendors (also called suppliers) are companies or individuals from whom Memorial Products and Services Unlimited purchases goods and services.

What is a Vendor Record?

A vendor record contains: - Contact information (name, address, phone, email) - Payment terms and banking details - Purchase history and balances owed - Linked transactions (purchase orders, invoices, payments)

Creating a New Vendor

  1. Search for Vendors (Alt + Q)
  2. Click + New
  3. Fill in required fields:
  4. Name - Vendor/company name
  5. Address - Mailing address
  6. Phone/Email - Contact information
  7. Payment Terms - When payment is due (e.g., Net 30)
  8. Tax information - Tax ID, 1099 info if applicable
  9. Add optional information:
  10. Bank Account - For ACH/wire transfers
  11. Contact Person - Primary contact name
  12. Purchase defaults - Standard shipping, payment methods
  13. Click Save

Key Vendor Fields

Field Description
No. Unique vendor identifier (auto-generated)
Name Vendor or company name
Payment Terms When payment is due (Net 30, COD, etc.)
Payment Method Check, ACH, wire transfer, credit card
Balance Current amount we owe this vendor

Editing Vendor Information

  1. Search for and open the vendor record
  2. Make necessary changes
  3. Click Save or press Ctrl + S

Viewing Vendor Activity

From the vendor card, you can view: - Purchase Orders - Active orders - Purchase Receipts - Goods received - Posted Invoices - Vendor bills - Ledger Entries - Complete transaction history - Payments - Payments made to vendor

Vendor Categories

Consider organizing vendors by type: - Raw materials suppliers - Service providers - Equipment vendors - Subcontractors - Office supplies

Best Practices

  • Verify vendor information before first purchase
  • Negotiate payment terms that work for your cash flow
  • Keep W-9 forms on file for 1099 vendors
  • Document special agreements in notes section
  • Review vendor balances regularly to stay current
  • Maintain good relationships with key suppliers

1099 Vendors

For vendors requiring 1099 tax forms: 1. Check IRS 1099 Vendor box on vendor card 2. Enter Federal ID No. 3. Ensure vendor type is set correctly 4. System will track 1099-reportable payments automatically