You will be able to set up your Vendor Accounts and understand how to associate them to the GL Payable Account
Vendor AR and AP Accounts
You will be able to set up your Vendor Accounts and understand how to associate them to the GL Payable Account. You will also learn how to setup Contra Accounts (Vendors that are both AP and AR).
- Go to System Settings->Vendors->General Info
- Add a new Vendor
- Fill in as much information as possible; make sure that the Vendor Code is unique.
- In the Accounts section, select the Account Payable and/or Account Receivable of your choice (if left blank, the Vendor will be assigned to the default Payable and Receivable Accounts in Accounting-Miscellaneous Settings)
- If the Vendor is a service provider, enter the expense account in the Vendor Invoice Misc. Item Account field.
Note: If your Vendor is from a different country, make sure to select the appropriate currency and decide if you wish to use the default rate (setup in System Settings-> Vendor-> Currency) or assign it a manual rate.
Connections to Other Areas/Modules:
- Related Reports- Accounts Payable Summary, Accounts Payable History, Accounts Payable Aging Detail or Summary, GL Accounts Payable Subledger, Accounts Receivable Aging Detail or Summary, GL Accounts Receivable Subledger.
What can go wrong & what can you do about it?
Can’t find an AP and/or AR Vendor Invoice in the Account Tab: The AP and/or AR Vendor Invoice is not in Posted status. Locate the invoice through the AP and/or AR Transactions screen and select Posted with a Posted on Date and then click Save.