Creating Vendors profile in Quickbooks Desktop

In this tutorial, we will see how we can create customer profile in QuickBooks desktop.

Well before adding vendors profile, it’s a good idea to define whether what type of venders we are buying products and services from, and what would be the payment method and terms. So, to setup these things, click on list menu and select “vendor Type List”.

Tutorial Instruction:

 

 Well QuickBooks has already added a few types here and if you are ok with all the available vendor Types, just leave it as it is and if you need to add more, just select “New” under “vendor Type” and write your vendor type and click on “OK”. Here you can see that a New vendor Type has been added to the list. Moreover, if you want you can even create a sub-type of your vendor Type, and if you want to keep your list concise then either delete or inactive the ones you don’t use so instead of deleting, I am making them inactive. Just double click on the one you want to inactive and check this checkbox…and click on OK, it will hide that vendor type from the list.

Anyhow, whenever you want to use that vendor type again, just check this option which is “Including Inactive” and it will reveal the ones which have been inactivated and then just click on the “cross” sign to re-activate them.

Now to add Payment terms, Select “Terms List” in the list menu. Well a bunch of terms have already been added here and I am pretty much fine with them and not going to add one but if you want, just click on “terms” and select “new” and then add one.

Now to add payment method, go back to the list menu and select “Payment Method List”, and here you can see that a bunch methods have already been added here too and I am pretty much fine with them too and not going to add one but if you want, you sure can just click on “Payment Method” and select “New” to add one.

Well, we have setup up a few things that will help us make better decisions in future relevant to the vendors and now lets add a vendor by going to the “vendor Center”. Here you can see that there is no vendor added in the vendor center yet and to add one, click on the “New vendor dropdown” and select “New vendor”.

Here, just fill the primary information about the vendor like, vendor Name, and If you have any existing balance with this vendor, just add that here, then write his/her company name, Phone, Mobile, Fax number, email, website and address etc.

Now, Click on the “Payment Setting” Tab and here we can add the vendor’s Account Number, Payment terms Which we set up earlier, Name that will be printed on the checks” “Credit Limit” and “billing Rate Levels” which will be discussed on future tutorial.

Now, click on “Tax Settings” tab and if your business volume has reached the point where you think that this vendor is now eligible for 1099 then check this checkbox and ask for tax ID or social security number in case of sole proprietor to add here.

Anyhow, click on “Account Setting” tab, and here you can select expense accounts to prefill when you enter bills. You really don’t have to select any account here. Its just for the convivence.

Now click on the “Additional Info” tab and here we can select the vendor type which we setup earlier. Moreover, if you want to create some customized fields for this vendor, just click on this button and create one by filling these fields.

Now go through the info again to make sure you have added all the required information and then just click on “OK” to create your first Vendor Profile. Now, our Vendor profile has been created and here is the snapshot of this vendor’s information.

Anyhow, here we have some tabs related to this vendor. All the business transactions with this vendor will appear under “transection” tab which we also can filter according to our needs.

And under contacts tab, we can add Primary and secondary contacts too. To add contacts, click on the “Manage Contacts” and select “Add New”, here just fill the concerned fields and after making it a primary or secondary contact in the “Contact Type” field, click on Save and Close” button and if you want to create another one, then click on “Save and New” button.

And to keep InTouch with the vendor, it would be a good thing to create a to do list about that vendor whether its about future projects or current ones. Just click on “Manage to dos” and  “Create one” by selecting “Create New”

Moreover, some certain notes can also be created under notes tab.

Anyhow, our Vendor’s profile has been created and up-next we will see whether how we can Edit, Inactive, and/or Delete a vendor profile.