How to set up vendors in Sage 50?
One of the major challenges that every organization faces is vendor management. It is a herculean task to keep a track of whether the invoice details are correct, if the vendor’s payment is settled, and if the transaction has been updated in the organization’s account book. This is where Sage 50 comes to rescue.
With Sage 50, you can add, delete, and manage vendors with a click of a mouse. It also helps in recording purchase order transactions and settling the amount payable to the vendor through a single platform.
In this blog, we will give you an overview on how you can set up new vendors in Sage 50. Also you can call SAGE Support Phone Number for experts help & step by step assistance .
Why is it necessary to set up new vendors in the system?
The preliminary step before paying the vendor is to set up the default information of the vendor in the system. This will help you save your time in entering the vendor details repeatedly every time you pay them for their services.
Steps to setup unique vendor details
Before adding new vendors to the system, you need to first set up the default information about the vendor, which will be applied to all the vendors. To set up a new vendor, follow the steps given below:
1.Click on the vendors icon and from the available options, select the Set Up Vendor Default option.
You will be directed to the Vendor Defaults window.
2. In the Vendor Defaults window, enter information that will be applied for all the vendors and click OK.
Now that you have set up a default for all the vendors, you can now add an individual vendor with unique details.
Steps to setup an individual vendor.
To add an individual vendor, follow the steps given below.
1.From the Maintain menu, click on the Vendors option.
You will be directed to the Maintain Vendors page.
2.Enter a Vendor ID, a unique code to help you identify the vendor in the system and the vendor’s full name in the Name field.
3.If you are no longer using the services of a vendor, click on the Inactive checkbox to make them inactive.
4. On the General tab, enter the vendor’s Mailing address, email, website, telephone, and their Account Number details.
5. Select the Vendor type (that is the vendor category) from the drop-down list. By selecting the vendor, you can sort the vendors based on their category while reporting.
6. Set the 1099 type if applicable to the vendor.
The customizable fields are the ones that you used while setting up a vendor default.
7. On the Address tab, you can copy the remit address by selecting the remit to address in the drop down list and click on Copy.
You can also manually enter the remit address by clicking on the Address Line column.
8. The History tab shows the historical data on the purchases and the payments done to the vendor. It is updated automatically every time a transaction is made. On the History tab, you can access the beginning balance of your vendor by clicking on the Vendor Beginning Balances button.
9. In the vendor beginning balances window, you can enter the dates and bill details that you received but haven’t paid to the vendor yet and click on the Save button.
10. In the Purchase Info tab, enter the purchase information of the vendor.
11. Enter the Tax ID number if the 1099 is applicable to the vendor.
12. Select the shipping method used by the vendor to deliver you a product and terms and credit type for the vendor from the drop-down list.
13. You can select if the form will be sent to the vendor as a hard copy or via email by clicking on the respective radio button and then click on the Save icon.
Your vendor details have been saved. You can add multiple vendors to the system by clicking on the Save & New button.