Vendor types are used throughout the program. They can be used to customize invocie distribution and compliance items. You can also use them when running reports for specific vendor types. See Related Solutions for more information about customizing distributions or compliance. Vendor Type - Summary A Summary vendor is a system vendor type used by Accounts Payable. The Summary vendor type allows you to set up a vendor and use it to pay multiple individuals or one-time cendors under a generic ID. When you create an invoice with a summary vendor, the task prompts you for the vendor information. You can enter the name and address associated with that invoice. The Summary Information is used on the check when you pay the invoice. Example: You are involved in project with vendors you normally don't use. Knowing that you will not use these vendors in the future, you can use the same Summary vendor ID to pay each one. We recommend setting up a unique vendor ID for each vendor you will use frequently. This allows the system to store their totals separately for reporting and government forms. Warning: Don't use a Summary Vendor ID for any vendor that receives a 1099/T5018 form. Vendor Type - Credit Card The Credit Card type is a system type used to indicate credit card vendors. The program uses them in the Credit Card Management process to pay invoices received from other vendors. Only invoices created from Tasks, Verify Statement Balance can be created on this vendor type. Regular invoices entered through Enter Invoices cannot be entered on vendors with this vendor type. See information about setting up Credit Card Management. Vendor Type - Custom There are four vendor types that are customizable. To customize your vendor types, follow the steps below: - Go to File, Company Settings, Custom Descriptions.
- You can change the description to be whatever vendor type you need on the following fields:
- AP Vendor Type 1
- AP Vendor Type 2
- AP Vendor Type 3
- AP Vendor Type 4
Examples of common vendor types: - Subcontractor
- Supplier
- Other
- Equip Supplier
- Prop R&M
- Prop Operations
- Development
- Corporate
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