Peachtree- Maintain Vendor Default Information

Maintaining Vendor Default Information

After maintaining vendor we maintain vendor default information. In which we set payment terms, discount period, credit limit of particular customer etc.

For maintaining the vendor default information user has to follow the following procedure.

Step no1. Go to the maintain menu and click on the default information sub menu will appear and click on the vendor.

The following window will appear.

  

1.     Payment Term Tab:

  There are five radio buttons on in payment term tab which are:

·        C.O.D. means cash on delivery it means we will receive the cash on the delivery of the goods.

·        Prepaid: Its means that customer have made advance payment before receiving the goods.

·        Due in number of days: Its means that you delivered the goods to the customer but he will make payment after some days. You can mention there that how many days you are allowing to him or if you want to give discount on the payment of minimum period you can also mention. I.e. 2% 10, net 30 days. Its means if the customer makes payment within 10 days he will get the discount of 2% maximum limit of payment is 30 days.

·        Due on day of next month: Its means the payment will due on the someday of next month which can be selected.

·        Due at the end of month: Its means the amount will be due after the end of the ongoing month.

GL link Accounts:

o   First one is GL sales account, in this field you have to give the sales account number to be used as the sales account.

o   Discount GL account is the account to which all the discounts are charged.

2. Account Aging Tab:

                             User can age the receivables either from the invoice date or from due date.

Age Invoices by:

 If age invoices by “Invoice date” then aging calculation will be made from the invoice issuing date and if age is invoiced by “Due date” then aging calculation will be made from the due date of the payment from customers.

     Aging categories:

         Fields are used to set different set of ranges to categorize the receivable’s ages in calculations.

3.     Custom Fields Tab:

  Custom fields are used to enter the extra information about the customers. In this field user can change the heading names and can enable or disable the additional fields, these fields will be displayed in customers prospects screen under custom fields header.

4.      1099 Settings.     

1099 setting tab is used to determine how the software will calculate each account created in the chart of accounts of company.