QuickBooks for Mac 2014 User’s Guide 138
Additional Info
On the Additional Info pane, enter the information about your credit terms with the vendor and how you want to
categorize the vendor on your reports.
•
Account—Enter any information that you want QuickBooks to print in the Memo field on checks that you send
to the vendor. For example, if you enter your company's account number with the vendor, QuickBooks
automatically adds the account number to the Memo field on each bill payment check that goes to that vendor.
(You can also enter a short note or message instead of an account number.)
•
Type—This is a word or phrase that categorizes this vendor for your reports. Use vendor types to categorize
vendors by the types of products or services they provide. A building contractor might use vendor types to keep
track of where subcontractors are located, for example, by county.
•
Terms—This field lets you associate a specific set of payment terms with the vendor. When you enter a bill
from the vendor, QuickBooks automatically fills in the payment terms you specified. QuickBooks accepts two
types of terms:
o
Standard—This type specifies (1) the number of days until you earn a discount from the vendor, and (2)
the number of days until payment is due.
o
Date-driven—This type specifies (1) the day of the month by which you earn a discount from the vendor,
and (2) the day of the month by which payment is due.
QuickBooks uses a shorthand notation to express terms. For example, 2% 10 Net 30 means “2% discount if paid
within 10 days, net due in 30 days” if the terms are standard, or “2% discount if paid by the 10th of the month,
net due by the 30th of the month” if the terms are date-driven.
•
Credit limit—Enter the credit limit that your company has with this vendor. QuickBooks remembers the limit
and warns you when you are about to exceed the limit.
•
Opening balance...as of—These two fields apply only if you are setting up records for a new QuickBooks
company. To keep your records up to date, enter all historical transactions from the day after your start date
through today. For example, if you paid bills to this vendor between your start date and today, you must enter
those bills and record your payments in QuickBooks. This allows QuickBooks to provide full financial reports for
your company for any period of time after your start date.
•
Tax ID—If the vendor is a sole proprietor, enter the vendor's social security number. If the vendor is not a sole
proprietor, enter the vendor's nine-digit tax identification number.
•
Vendor eligible for 1099—Check if you plan to send a 1099 for this vendor. If the checkbox doesn't appear on
the Additional Info tab, you need to set up QuickBooks for 1099 tracking. For details, see setting up 1099
tracking.
Other things to know:
• Add notes. If you want to add any notes about the vendor, go to the Notes pane.
• Create custom fields. Capture information that is important to your business but QuickBooks does not provide
a field for such as spouse's name or the vendor's birthday.
!
To Next Page
Loading...