How to Set Up the QuickBooks 2013 Vendor List
Just as you use a Customer list to keep records on all your customers, you use a Vendor list in QuickBooks 2013 to keep records on your vendors. Like a Customer list, a Vendor list lets you collect and record information, such as the vendor’s address, the contact person, and so on.
To add a vendor to your Vendor list, follow these steps:
Choose the Vendors→Vendor Center command.
When you do, QuickBooks displays the Vendor Center window.
To add a new vendor, click the New Vendor button.
QuickBooks displays the New Vendor window.
Give the vendor a name in the Vendor Name box.
As is the case with the Customer: Job List, you use this name to refer to the vendor within QuickBooks. For this reason, an abbreviation is fine. You just want something easy to enter and easy to remember.
(Optional) If you pay your vendor in a currency different than your usual home currency, select that currency from the Currency drop-down list box.
If you told QuickBooks that you work in multiple currencies — you would have done this during the EasyStep Interview setup process — QuickBooks wants you to identify when you receive bills from or pay a vendor in a currency different from your home currency.
(Usual rule) Ignore the Opening Balance and As Of fields.
Don’t do anything with the Opening Balance and As Of boxes. People who don’t know better use those boxes to enter the opening balance owed a vendor and the date the amount is owed. But this only creates problems later. At some point in the future, this poor soul’s accountant will need to find and correct this error.
Supply the vendor address information.
The Address Info tab supplies a bunch of easy-to-understand boxes that you use to collect vendor name and address information. You enter, predictably, the vendor’s full name into the Company Name box.
You can click the Edit buttons on the Address Info tab to display another dialog box called the Edit Address Information dialog box, which lets you enter the address in typical street address, city, state, and zip-code format. The Edit buttons appear to the right of the Billed From and Shipped From address blocks.
Supply any additional information necessary.
The Payment Settings tab collects the most relevant vendor information, including your account number, credit limit, and payment terms, but if you click the Tax Settings tab, the Account Settings tab, or the Additional Info tabs, QuickBooks displays a handful of other boxes that you can use to collect and store information.
The Tax Settings tab lets you collect the vendor’s tax identification number so you can (as sometimes required by federal tax laws) send the vendor a Form 1099 at the end of the year.
The Account Settings tab lets you specify which accounts QuickBooks should use to prefill account fields when entering a transaction for the vendor.
The Additional Info tab lets you categorize the vendor according to type and also lets you create other custom fields.
The tax ID number is actually important if you later send this vendor a 1099 form to report payments to him.