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.