How to Set Up a QuickBooks 2010 Vendor List
In QuickBooks 2010, you use a Vendor List to keep records on your vendors. A Vendor List lets you collect and record information, such as the vendor’s address, the contact person, and so on. You can add a vendor to your Vendor List in a few easy steps.
3Enter a name in the Vendor Name text box.
You use this name to refer to the vendor within QuickBooks, so an abbreviation is fine. You just want something easy to enter and easy to remember.
4(Optional) If you pay your vendor in a currency different than your usual home currency, select that currency from the Currency drop-down list.
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. (Note: The figure in this list doesn’t show the Currency drop-down list box because the multiple currency tracking feature isn’t turned on.)
5Ignore the Opening Balance and As Of text boxes.
Although the usual rule is that you don’t want to set an opening balance for a vendor, this rule has an important exception. You record your accounts payable balance on the conversion date by setting an opening balance for each vendor as of the conversion date. The sum of these opening balances is what QuickBooks uses to determine your total accounts payable on the conversion date.
6Supply the vendor address information in the text boxes provided.
The Address Info tab supplies a bunch of easy-to-understand boxes that you use to collect vendor name and address information. You enter, for example, the vendor’s full name into the Company Name text box.
7(Optional) Click the Address Details button.
The Edit Address Information dialog box appears, which lets you enter the address in typical street address, city, state, and ZIP code format.
8(Optional) If you click the Address Details button, enter the address information, and then click OK to close the Edit Address Information dialog box.
You return to the Address Info tab of the New Vendor window.
10In these text boxes, enter any information that you want to collect and store.
For example, you can record your account number with the vendor, the vendor type, the payment terms that you use when paying the vendor, your credit limit, and the vendor’s tax ID number.
11Click the Account Prefill tab (the third tab available in the New Vendor dialog box).
QuickBooks displays text boxes you can use to list the accounts that you want QuickBooks to automatically fill in for you when you record a check to a vendor or when you record a bill from a vendor. DHR – I would replace both instances of “some” with “this”. Using “some” makes it appear that it’s a global input, when it’s actually specific to each vendor.
12Enter the relevant information in the text boxes.
For example, if the check to the landlord always pays rent expense and utilities expense, you could tell QuickBooks to prefill by using these two accounts every time you indicate you’re writing a check to or recording a bill from the landlord.
13When you finish entering all the information you want, click OK.
You’re returned to the Vendor Center, which you can close, or click the New Vendor button again to add another vendor.