Use the Vendor Information button on the Trade Vendor Payables menu to open the Vendor Information screen. On this screen, you will enter vendor information.
Do not add memo accounts into the system as vendors. Memo accounts are accounts you pay regularly but are not associated with a payable account. You add memo accounts through the Disbursements in the Journal entries. The memo accounts you create through Disbursements are stored in a separate file available to you when you write checks. The balance for checks written to memo accounts posts to the account you specify when creating the account in the system, not to the accounts payable account.
Step 1. From the Dealership Accounting main menu, select Trade Payables. The Trade Vendor Payables menu will open.
Step 2. Select Vendor Information.
Step 3. Assign the vendor a vendor number/control number. Autosoft recommends employing a system using the first four letters of the vendor’s last name or prominent business name and the first two numbers of the address. If there are no numbers in the address, assign a number from 01 to 99. The numbers on the end serve only to create unique controls in the system.
Step 4. Type the vendor’s Name, Address, telephone (Phone) number, Fax number, and eMail Use the Memo field to record additional information about the vendor as needed.
Step 5. In Temporary/Permanent, type the letter that corresponds to the account type. Type T for temporary or P for permanent. A temporary account is automatically deleted one month after the balance reaches zero. A permanent account is automatically deleted at the end of the year if it has a zero balance.
Step 6. Use the Balance/Detail Forward field to indicate the type of account. Type B for balance forward or D for detail forward.
Step 7. In Purchase G/L Account, type the general ledger account used to post the vendor’s purchases.
Step 8. In Account Number With Vendor, type the dealership’s account number with the vendor. This is the account the vendor uses for your dealership in its books. The account number in this field automatically pulls to the Memo field when writing checks so your account number prints and the vendor can credit the correct account in its books.
Step 9. Use the Terms (M/D) field to indicate the type of term the vendor uses. Type M for monthly or D for daily. If the Terms field contains a D, type the day the terms uses in the Day field.
Step 10. In Terms . . .Discount, type the discount percentage if applicable.
Step 11. Use the Send 1099 field to indicate if the vendor receives a 1099. Type Y for yes or N for no. This field does two things. First, the vendor will pull to the 1099 list. Second, payment tracking will be turned on for this vendor. This allows payments posted to this vendor’s account to be pulled to the 1099 data when you prepare your 1099 forms.
Step 12. Use the Manual YTD 1099 Payments field to manually enter in payments to 1099 vendors. The system will add this amount to any payments that have been posted through the accounts payable.
Step 13. Type the vendor’s taxpayer ID number.
Step 14. The system automatically tracks the customer’s purchase history and displays the information in the fields under Purchases.
Step 15. The customer’s account balance appears in the Account Balance field. The system automatically adjusts the balance and breaks the balance in to the appropriate aging categories as you post to the vendor’s account.
Step 16. You can click Memo Data and add notes you want to keep with the customer’s file. The text window that opens is a free-form text box. It holds up to 500 characters. Click Save to save the information. When viewing memo data, click Close to close the memo.
Step 17. Click Save to save the information.