HOW
TO MAINTAIN VENDOR’S ACCOUNT
We make vendor records
when we purchase something on accounts payable basis, as we also maintained our
customer records whom which we have to receive accounts receivables. The same
procedure will be here for this account as we done in customer records.
STEP
:1
First you will open
your company in Peachtree to make vendor’s account:
STEP:
2
From above toolbar you will go to the “maintain” menu,
and select “Vendors” to maintain records:
STEP:
2
The first portion to
fill is of vendor ID, which is a unique ID and different from other vendors
then the name of the vendor like from which company or organization you are
buying the inventory. After filling above options now you have to fill four
requirements in which you have to mention all the information regarding your vendor.
The first requirement is of “GENERAL” which is shown below in black box:
STEP:
3
In below window you
will enter all the information which are required here, first you will enter
the name of the person who are dealing with you from the ABC COMPANY which is
vendors company, the name must be written in “contact”, then you write the
account number of your vendor then address and city. After you filled the first
requirement you move forward to “purchase defaults”
STEP:
4
In purchase default the
first option which you have to fill is the “purchase representative” this is a
box in which you have to mention the name of that person which represents your
vendor whom you are purchasing inventory on account.
The second option is of
“purchase account” which is the expense account, in this blank area the account which you
enter must be exist in your chart of accounts with the name of expense, if this
account does not exists in your chart of accounts which you made previously
then this blank area starts blinking. So you have to make sure that you have
already purchase expense account under which you are dealing with your vendor.
This expense account is of your accounts payable under which you are dealing
with your vendor, after complete this you will enter the “tax id” of the vendor
and the rest of the options then you go ahead to “custom fields”.
STEP:
5
In this
window you will enter the second contact of your vendor if it is needed,
reference, and other portions which are required here to fill.
STEP:
6
Suppose if you have to
fill the fourth option for any other location of your vendor then you will go
back to previous window and from that you will select “maintain” and then you
will click on “default information” when you click on it you will have further
options in it from which you select “vendors”
STEP:
7
After opening “vendors”
you will see “vendors default” window in front of from which you select “custom
fields”. No as you are going to add one more location for you vendor you click
on the box which you can in fourth option when you will click on it a tick sign
will appear on it which means that now you are able to fill the fourth option,
suppose you will enter here the “bank” as another location and then click on
“OK” to save these changes.
Now again you go back
to that window in which you are entering the data of your vendor, and in that
window you will see this change which you have done in this current window by
adding up one more option of your vendor.
STEP:
8
Now you can see that in
“custom fields” you have another location which is of “bank” which you made in
your previous window. In the same way you may enter one more location by the
same procedure which you done for adding “bank” here. After this you go ahead
to the next and the last requirement of “maintain vendors” which is “history”
STEP:
9
In this window you have
to fill the past data of your transactions like when did the last invoice you
take and the last payment which you paid to the vendor, all the history of your
purchasing must be mentioned here in this window
As in this way you make
your one vendor account, you will now make all
the other vendors account here by doing all this procedure again and again.
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