In this article, you'll learn how to access and modify the accounting settings for any vendor in your system. The vendor accounting settings are where you will set the default expense account for this vendor and manage the vendor's tax information. Watch the video and follow the step-by-step guide to learn more.
Step 1: Start by selecting the gear icon next to the green vendor actions button. Then, select accounting.
Step 2: To edit this vendor's accounting settings, click the blue edit button.
Step 3: Uncheck the use default settings box. This action enables you to modify any of the fields below.
Step 4: The first field is the default payment account. This account is where payments for this vendor's invoices will be withdrawn.
Step 5: Next, set a default expense account for this vendor. This account will auto-populate on the line item whenever you create a vendor bill or a check for this vendor.
Step 6: For firms using the accrual accounting method, you'll need to set the vendor credit account.
Step 8: If this vendor is a 1099 vendor, select the 1099 form that this vendor should receive, and select the appropriate Vendor Box Value. The Vendor Tax ID will carry over from the original vendor contact record.
Step 9: To save your changes, scroll to the top of the page and click the green save button.
Finally, close the accounting settings to return to your vendor detail page.
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