Vendor Window - Defaults Tab
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The third tab on the Vendor Window is the Defaults Tab. Here the information is used as default or initial values on Components, Purchase Orders, and Vendor Invoices for the respective Vendor.
Note: Changing these values will only affect new Components, POs, and Vendor Invoices. The computer will not go back and update any accepted Purchase Orders, etc.
PO Terms: The Purchase Order Terms is an optional field that can be used to record any text that describes the payment terms given by your Vendor. Examples may be Net 30 Days or Due Upon Receipt. This field will print in the header of the Purchase Order and may be up to 20 characters.
Deposit %: Enter a percentage in this field if a Vendor requires a deposit to be sent to them for ordered merchandise or services. For example, if "50" is entered and you purchase a chair for $200.00, then the computer will calculate a $100.00 deposit to be sent with the Purchase Order for the chair. The deposit % may be overridden for each Component.
PO Ship Via: This field is used to record the desired methods of shipment (ex. UPS Ground) that a Vendor is to use when shipping merchandise. This field is optional and may contain up to 20 characters. The PO Ship Via prints on each Purchase Order and can be changed for each PO immediately before printing.
Expense Account: This field should contain the General Ledger Account number that is used to record purchases from a Vendor. This is an optional account that is necessary only for vendors such as a telephone or electric company! For example, for a telephone company this field should contain a telephone Expense Account number. When entering the expense, this Account will be selected automatically upon using this Vendor. To find an Account number, click on the Search Button. The Account is usually an Expense or a Cost of Goods Sold Account. However, if the vendor is your credit card company, you may find it convenient to input the credit card Liability Account associated with the credit card company to facilitate payment.
Leave the expense account blank for any Vendor from which you order Project-related merchandise (i.e., goods that you resell to the client).
Payment Due Days: This field should contain the maximum number of days the Vendor allows in order to receive payment on an invoice for a given order or service. For example, if the Vendor’s terms were "Net 30 Days", this field would contain the number 30. When recording an invoice from this vendor, the payment date will be calculated automatically by adding the payment due days to the invoice date entered. The payment date is used to automatically selecting invoices for which to generate a check.
Days To Take Discount: Certain Vendors will deduct a percentage of the cost if payment is made to them in a timely fashion. If applicable, this field should contain the number of days that the Vendor allows to receive payment in order to receive a discounted cost. For example, a Vendor may offer a 1.5% discount if payment is made within 10 days of the receipt of an invoice. In this case a "10" would be entered in this field.
Discount %: This field holds the discount percentage offered by a Vendor for early payment. In the example above, this field would contain a "1.5". The discount amount can be overridden when entering each Vendor Invoice.
Buying Terms: The three optional buying term fields hold percentages that are used to calculate the cost of goods based upon the list or retail price of merchandise from a Vendor. The Vendor generally provides these terms to you. Leave these fields blank if you do not use this method for calculating costs. These terms default over to the Component Window in the Projects and Specifications section when selecting to use buying terms.