Vendor accounts
An entity's purchasing relationship with a company or person: terms, payable account, and expense account.
A vendor account is how one of your legal entities pays a company or person it buys from. It sits beside any customer account for the same company or person.
How it works
A vendor account holds the vendor's Payment terms, the Payable account where what you owe them posts, a default Expense account, and whether they receive a 1099. An entity has at most one vendor account per company or person, and each gets a number, such as VEND-2.
Finance does not record vendor bills yet, so nothing posts to a vendor account's accounts on its own. You can still name the vendor on a journal entry line.
Object: changes freely, and its history keeps the old values.
Fields
- Entity
- Link to a legal entity
- NumberSet by Continual
- Number, such as VEND-12
- Company or person
- Link to a company or person
- Payment terms
Days after a bill's date it falls due.
- Number
- Payable account
Where what is owed to it posts, such as 2000 Accounts payable.
- Link to a ledger account
- Expense account
Where its bills post by default, such as 6100 Software.
- Link to a ledger account
- Receives a 1099
Payments to it are reported to the IRS on Form 1099, as for US contractors.
- Yes or no
- Archived
Whether the record is archived: lists leave it out unless their filter names archived; references to it stay.
- Yes or no