🏷️ Vendor Management

Vendors Overview

Vendors are the businesses and people you pay for supplies, services, and materials. Think of vendors as your business partners - they provide everything you need to run your business, from office supplies to professional services. Managing vendor information properly helps you track expenses, maintain good relationships, and optimize your purchasing.

Why This Matters

Poor vendor management leads to missed payments, damaged supplier relationships, and chaotic expense tracking. Good vendor management means you know who you owe money to, when payments are due, and which suppliers provide the best value. This helps you negotiate better terms, avoid late fees, and maintain a healthy supply chain.

Prerequisites

• Purchases module access permissions

• Company setup completed

Step-by-Step Instructions

1. Navigate to Vendors

📸 Image Placeholder: Purchases menu with Vendors option highlighted

1. Click "Purchases" in the left navigation

2. Select "Vendors" from the dropdown menu

2. View Vendor List

📸 Image Placeholder: Vendor table showing name, balance, and status

• See all your vendors in one place with balance tracking

• Check who you owe money to (Payable balance column)

• Identify overdue payments at a glance

3. Create New Vendor

📸 Image Placeholder: Vendor creation form

1. Click "New Vendor" button

2. Choose vendor type: Regular or Contractor

3. Fill in basic vendor information:

   • Vendor name (required)

   • Website and account number

   • Notes about the vendor relationship

4. Configure Vendor Type

📸 Image Placeholder: Vendor type selection form

• For Regular Vendors:

  • Set currency code for international suppliers

• For Contractors:

  • Select contractor type (Individual or Business)

  • Enter tax identification:

    • SSN for individual contractors

    • EIN for business contractors

5. Add Contact Information

📸 Image Placeholder: Vendor contact details form

• Enter primary contact details

• Add phone numbers (primary, mobile, toll-free, fax)

• Specify email address for invoices and communications

6. Set Address Information

📸 Image Placeholder: Vendor billing and shipping address form

• Add billing and shipping addresses

• Include complete address for accurate tax calculations

Tips and Best Practices

• Classify Vendors Correctly: Use contractor types for 1099 reporting requirements

• Keep Information Current: Update contact details immediately when they change

• Monitor Balances: Track payable balances to manage cash flow effectively

• Document Relationships: Use notes to track special terms or arrangements