Sage 50 Setup Guide - Vendors
How Do I...
Setting up your company's vendors involves three tasks: setting vendor
defaults, setting up data records for the vendors your company uses, and
entering beginning balances from outstanding vendor invoices. So before
you begin the process, you should assemble
- any outstanding invoices or payments that you've
made to your vendors; if you are converting from a manual system, all
outstanding invoices/payments before your conversion date
- the names, addresses, email addresses, contact
names, and all other important general information about your company's
vendors
You should also be ready with a variety of additional vendor information:
- the default General Ledger account you use for
purchases from each vendor
- each vendor's tax ID number and your account number
with the vendor
- the payment terms each vendor extends to you
- any pertinent vendor history, such as the date
you started using the vendor and the dates and amounts of payments to
each vendor
Important! As part of setting up a vendor record in Sage 50, you enter both an abbreviated code called an ID and a longer description that will
help you identify the vendor. For example, you could set up a vendor ID "SMITHA" and a description such as "Smith Art Supply Company."
IDs can be a useful shorthand if you establish a meaningful and efficient coding system. Tell me more about using a coding system to set
up record IDs.
We recommend you review the topics listed below. They will familiarize
you with some of the choices you need to make before setting up vendors.
Vendor Defaults
- How does Sage 50
store vendor payment terms?
- Sage 50 can
age payables by either invoice
date or due date. What's the difference, and how do I make my choice?
- What kind of
extra vendor information can
I store, and how is it useful?
- How do I set
up Sage 50 so that it makes the right calculations on my vendor 1099 forms?
Vendor Records
Vendor Beginning Balances
What do you want to do next?