Vendor's Default

Default information of vendors

Peach tree let you set up the default information of the vendors. You can edit the options which have in the vendor’s window. You can make your own option that is called the default information of vendors. Once you have made your vendors and gave them some options e.g.: the discount terms etc, now you can make some feature like a template or model upon which to build all your vendors records. From this you enter the most common information. The objective of default information is when you set up new vendors and enter transactions the default information is automatically included. Once you have entered the default information you don’t need to enter any specific information separately for each new vendor except the name and address. All other information will be entered and you are ready to record.

This window has different options which you can use to set the default information. If you select any option as default in this window then the related options in the vendors account are also edited as per accordance with the vendors default window. To enter the default information, open the maintain drop down menu select the option default information and from that list select vendors. After you will click on vendor option a new window will open as shown in figure:

After clicking the option vendors…. The following screen will open:

Payment Terms:

In this tab of vendor defaults there are the standard terms for the vendors:

COD: Cash on demand. This means that the purchase will not be on credit but the cash will be paid at the time of receiving goods/ raw material. If you select this option, then the option of “net due in”, “Discount in” and “Discount percent” will be inactivated. As shown in figure:

Prepaid: You select this option when the cash is already paid for the goods not received yet. If you select this option, then the option of “Net due in”, Discount in” and Discount percent will be inactivated. As shown in figure:

Due in number of days: When you make purchases on credit you receive discount from your vendors and they make some conditions and terms, such as they make terms on the basis of payment due in number of days. For example, net payment is due in 30 days, the discount will be received if the payment will be paid in 10 days then the discount will be allowed 2%. You also specify the credit limit for example: 2,500. You make a limit that you can make credit purchase up to the specified limit of credit. If the of credit exceeds beyond this prescribed limit then an error will be displayed on the screen while recording the invoice balance.

In this tab more information you gave is the GL purchase account and the Discount GL account that is purchase account.

Due on day of next month: This option is selected when the credit amount is payable on the day of next month of the purchase. The net due which was day in the previous option is in month here. All the information will remain same.

Due at the end of the month: We select this option when the payment is due at the end of the month in which the purchase is made. Due in net option will be inactivated when you select the option at the end of the month. As shown in below figure:

Account aging:

We use this option to make the different categories for the creditors. From this we can make the estimate that how early and efficiently we can make our payables. Aging can be made on the basis of “Invoice Date” or “Due Date”.

If we select the option of “Invoice Date” it means that the aging of the vendor will be start when the invoice is received from the vendor. And if we select the option of the Due Date, then the aging of the vendor will be started after the days given by vendor for payment. For an example, if the vendor has issued the invoice on 12^th February, the day of selling goods, we selected the option of invoice the aging of that vendor will be start on 12^th February. If we have selected the option due date and the vendor’s due date is 15^th February then the aging of the vendor will be after 15^th February.

Custom fields:

The custom field can be use to enter extra information about the vendors. The fields mention in the below window can be used to label them on all of your vendors. We can also add the further more field labels as per required in the 4^th and 5^th option.

Entering beginning balances to the vendors

Entering beginning balances to the vendors

If there is some beginning balances of the vendors for which we have created the records, we can also add this beginning balances in the vendor’s account. Vendor beginning balance consists of outstanding invoices for which we have to pay some amount. You can enter the numbers of the actual invoices you received from the vendors. To add the balances to the vendors, click the vendors option from the maintain drop down menu. The window of the vendors will open. Click beginning balance from this window as shown in the figure:

Before clicking on the beginning balance button don’t forget to select the vendor for which you want to enter the beginning balance. When you will click on the beginning balances button, a new window will open. In that window some information is required. That is: invoice number, date of transaction, purchase order number, amount of transaction and the A/P account. Enter all the information that is required in this window:

Fill in the information that is required by this window, the invoice number (the serial number of the original credit invoice of the transaction), Date (the date on which the credit transaction took place), Purchase Order Number if any, Amount (the monetary amount of that credit transaction), A/P Account (the account ID of your account Payable) As shown in below picture:

Vendor balances:

The vendor Balances tab will display the information you have given like Vendor ID, name, and amount at the bottom of this window will show the Opening A/P account balance.

After adding all information, click on the button “save” to save you’re all the data regarding beginning balances of the vendors.

Maintenance of vendors

Maintenance of vendor’s account

Same as we enter and maintain the information of our customers to which we sell our products and services we also maintain the records of our vendors. Vendors are the persons or the companies from which we purchase the raw material to make the final products. Vendors are basically the accounts payable for the company. At this window we can enter, update and save the information of the people or the companies whom which we purchase the products or the services o make your own final product. You can add the vendor, change the vendor’s information and also can delete any vendor if no transactions have been entered to that vendor. Do remember that you can only delete that vendor on which no transaction is recorded.

To open the window of maintaining the vendor’s information, click the 2^nd option of “vendors” from the drop down menu of maintain. As shown in the figure:

When you will click the option vendors the new window will open. From that window you can maintain the information of the vendors such as name, address, type of vendor, terms history etc.

The above shown window of the vendors has the following tabs which requires and maintains the different information of the vendor. The tabs detail is as follow:

General:

In this tab the basic information of the vendor is required in this tab such as the name of the vendor, phone number, fax number, address, email, web site address, beginning balances etc. You assign the unique ID to every vendor. Fill in all the necessary information related to the vendor. You can use the option of “vendor type” to make the groups of vendors together. For example if you have some vendors for products and some for the services you can specify that which vendor is from the services and which is from the products group.

Purchase defaults:

From this tab you can set up the unique purchase transactions defaults for each vendor record. This tab requires the following information:

Purchase Rep: You can enter or select an employee to act as the purchase rep for this vendor.

Purchase account: Here you enter the purchase account from the general ledger for the vendor. This is normally an expense account.

Tax ID: You enter the tax ID only for those vendor to whom you send 1099 form.

Ship via: here you select the primary carrier of shipping which will be used by the vendor to deliver the items.

Terms:  Here you specify the terms of payment and discounting. You can choose the vendor terms which are saved in the peach tree software. But you can also make your own unique terms with the concern of your vendor. For example: 2% 10, Net 30 days.

Custom Field:

Custom fields’ option offers the way to keep the track of some specific information about your vendor which is required for your business. In custom fields the unique data is stored about your vendors. These are used to store specific information for each vendor, for example the office manager, account rep, special note or any other unique information about a vendor. Field labels can be changed or enabled from the vendors default window.

History:

The history tab tells you about the whole history of the vendors which you have saved already. This includes that since when is he your vendor, last invoice date, last invoice amount, last payment date etc. you can only view the information when you have saved it. You can not change this information once you have saved. It tells you about the vendor that from how many time he or she is your vendor. What is the last invoice date? What is the last payment date? Etc. after providing all the information about the vendor click on the button ’save’ in order to save all the data about your vendor.

Changing of vendor ID:

Now if you have written down the ID of your vendor incorrect, the correction can be made. To change the ID just open the list, select that vendor. Then press the button Change ID which is at the top of the window. But one thing that is to be remembered is that the button of change ID will be activated only if the vendor’s old ID is written in the vendor ID box. If the vendor ID box is empty the button will be inactive until the vendor’s old ID is written. As shown below:

When the vendor’s old ID is written in the box, then the button will be activated as shown in the figure below:

When you will click the button of “Change ID” a window will appear. In that window the option of current vendor ID will be inactive. You can only enter the new ID and click the button “OK”. The ID will be saved automatically you don’t need to press the save button.

Deletion of a vendor account:

An account can be only deleted only its beginning balance is not entered. If the transaction is recorded in any vendor’s account then the account can not be deleted.

To delete any vendor’s account, select that vendor and press the button “delete”. After clicking on the button delete a new window will open confirming that you really want to delete this vendor? Click on the button OK your vendor account will be deleted.

Default information of customers

Default information of customers

Peach tree let you set up the default information of the customers. You can edit the options which have in the customer’s window. You can make your own option that is called the default information of customers. Once you have made your customers and gave them some options e.g.: the discount terms etc, now you can make some feature like a template or model upon which to build all your customer records. From this you enter the most common information. The objective of default information is when you set up new customers and enter transactions the default information is automatically included. Once you have entered the default information you don’t need to enter any specific information separately for each new customer except the name and address. All other information will be entered and you are ready to invoice.

This window has different options which you can use to set the default information. If you select any option as default in this window then the related options in the customers account are also edited as per accordance with the customers default window. To enter the default information, open the maintain drop down menu select the option default information and from that list select customers. After you will click on customer option a new window will open as shown in figure:

After clicking the option customers…. The following screen will open:

Terms and credit:

In this tab of customer defaults there are the standard terms for the customers:

COD: Cash on demand. This means that the sale will not be on credit but the cash will be received at the time of delivering goods or rendering services. If you select this option, then the option of “net due in”, “Discount in” and “Discount percent” will be inactivated. As shown in figure:

Prepaid: You select this option when the cash is already received for the services not rendered and goods not delivered yet. If you select this option, then the option of “Net due in”, Discount in” and Discount percent will be inactivated. As shown in figure:

Due in number of days: When you make sales on credit you allow discount to your customers and make some conditions and terms, such as you make terms on the basis of payment due in number of days. For example, net payment is due in 30 days, the discount will be allowed if the payment will be paid in 10 days then the discount will be allowed 2%. You also specify the credit limit for example: 2,500. You make a limit that your customer can make credit sales up to the specified limit of credit. If the of credit exceeds beyond this prescribed limit then an error will be displayed on the screen while recording the invoice balance.

In this tab more information you gave is the GL sales account and the Discount GL account that is sales account.

Due on day of next month: This option is selected when the credit amount is payable on the day of next month of the sale. The net due which was day in the previous option is in month here. All the information will remain same.

Due at the end of the month: we select this option when the payment is due at the end of the month in which the sale is made. Due in net option will be inactivated when you select the option at the end of the month.

Account aging:

We use this option to make the different categories for the debtors. From this we can make the estimate for the bad debts expense. Aging can be made on the basis of “Invoice Date” or “Due Date”.

If we select the option of “Invoice Date” it means that the aging of the customer will be start when the invoice is issued to the customer. And if we select the option of the Due Date, then the aging of the customer will be started after the days given for payment. For an example, if the customer has received the invoice on 12^th February, the day of purchasing goods, we selected the option of invoice the aging of that customer will be start on 12^th February. If we have selected the option due date and the customer’s due date is 15^th February then the aging of the customer will be after 15^th February.

Custom fields:

The custom field can be use to enter extra information about the customers. The fields mention in the below window can be used to label them on all of your customers. We can also add the further more field labels as per required in the 5^th option.

Entering beginning balances to the customers

Entering beginning balances to the customers

If there is some beginning balances of the customers fro which we have created the records, we can also add this beginning balances in the customer’s account. Customer beginning balance consists of outstanding invoices. You can enter the numbers of the actual invoices you sent to the customer. To add the balances to the customers, click the customers/prospects option from the maintain drop down menu. The window of the customers will open. Click beginning balance from this window as shown in the figure:

Before clicking on the beginning balance button don’t forget to select the customer for which you want to enter the beginning balance. When you will click on the beginning balances button, a new window will open. In that window some information is required. That is: invoice number, date of transaction, purchase order number, amount of transaction and the A/R account. Enter all the information that is required in this window. If you have selected your company on accrual basis, then the A/R account will be written. But if you have set up your company on cash basis system then the word CASH BASIS will be written.

Fill in the information that is required by this window, the invoice number (the serial number of the original credit invoice of the transaction), Date (the date on which the credit transaction took place), Purchase Order Number if any, Amount (the monetary amount of that credit transaction), A/R Account (the account ID of your account receivable) As shown in below picture:

Customer balances:

The customer Balances tab will display the information you have given like customer ID, name, and amount at the bottom of this window will show the Opening A/R account balance..

After adding all information click on the button “save” to save your all the data regarding beginning balances of the customers.