Vendor Maintenance

Description

(Appears if approvals are activated for accounts payable.  This requires activation in the Accounts Payable Workflow Controls and that approvers are created.)

Use the to select an employee who will be the default approver for this vendor. (This list will include employees that are configured with Accounts Payable limits.) If not approver is selected, the screen will read "No approver assigned."

• NOTE:  A vendor does not need to have an approver assigned.  Approvals can also be assigned once the invoice is created.  (Learn more by clicking the link below.)

• NOTE:  If multiple people or people at different branches might need to approve invoices from this vendor, leave this field blank and assign the approver once the invoice is created.  (Learn more by clicking the link below.)

Additional Learning Resources

Overview: Accounts Payable Approvals

Configuring Tools for Accounts Payable

Enter the vendor name.

Enter the Tax Identification Number for this vendor.

• NOTE: This field is required if you will be checking the Create a form 1099-MISC year end field in order to print a 1099-MISC for this vendor.

If your credit union has a separate customer numbering system, enter it here (this field is optional).

Enter a contact name. This can be included on any checks used to pay this vendor. See Print Contact Name on Check under the “Accounting Misc.” tab (described below).

Enter the vendor's phone number, including the area code.

Enter the vendor's fax number, including the area code.

If this vendor has a contact email address, use this field to enter the email address (such as person@vendorname.com).

Separate multiple email addresses with a comma (,) not a semicolon (;), as a semicolon between addresses will cause these remittance notices to fail. This address will be used if you activate ACH payments to this vendor and are sending ACH Remittance Advice PDFs for those payments.

• CU*TIP: Click the launch button to start a new email message to this address using whatever email program is on this workstation (you must have email software already loaded).

If this vendor has a website, use this field to enter the website address (such as www.vendorname.com or https://www.vendorname.com).

• CU*TIP: Click the launch button to launch your default web browser and navigate to this website.

Use these fields to record the vendor's address. This will be used when printing checks as well as if 1099-MISC forms are produced at the end of the year.

Note: When editing or viewing invoice detail during A/P check payment processing (via Tool #639 “Print CU Checks or Tool #1961 Processing Accounts Payable Payments), you may not see the full address from this vendor record

Place a checkmark in this field if this vendor has a foreign address. This will change the address fields to use the proper format for foreign addresses. Remove the checkmark to enter a normal US address.

• HINT: If you are changing a US address to a foreign one, be sure to delete the State and ZIP Code before clicking this flag.

SEE ALSO: CU*BASE Standards for Foreign Addresses

Accounting Misc.

(Optional) Use this field to enter a default G/L account number to be used for debits when creating invoices. This account number will automatically be entered into the corresponding field on every new invoice record you create for this vendor (it can still be changed when the invoice is created, if necessary).

• HINT: If your credit union has multiple corporations, use Expense G/L (company) (F2) to set up multiple default debit G/L accounts according to Corporate ID.

(Optional) If you would like to ensure that a specific G/L account is used every time credits (discounts, credit for returned merchandise, etc.) are received from this vendor, use this field to enter the default G/L account where credits should be posted.

• NOTE: Remember that each invoice item you create can have an offsetting debit (expense) or credit, not both. Therefore, if a default G/L is entered for both debits and credits, it will be necessary to delete the unused account number every time you create an invoice. Since the Debit G/L account will generally be used far more often, it is recommended that the Credit G/L default be left blank in most cases.

Check this flag if you wish the name in the Contact field to be printed on any checks generated for this vendor.

Check this flag if you wish the name in the Contact field to be included in the file sent to the IRS (for 1099 reporting).

Optional field for contact open date.

This flag controls whether or not the Amount paid year to date will be moved into the Previous year 1099 amount field during end-of-year processing. This must be checked if you want to print 1099 forms for this vendor.

• If checked, a Tax ID # will be required for this vendor so that the forms can be printed properly.

If left unchecked, at year end the system will not update the Previous Year 1099 Amount field, and a form will not be generated.

This field shows the total amount reported on 1099 forms for this vendor for the previous tax year.

This amount is automatically calculated and recorded by the system during year-end processing, if the Create a form 1099-MISC year end field was checked. Otherwise, the field will be zero.

After forms are printed, it is no longer used but does show the figure that was used for 1099-MISC printing, assuming it was not accidentally changed later.

Optional field for contact expiration date.

This is used only for vendors for whom a 1099-MISC or 1099-NEC form will be created. A 7 entered here will report on a 1099-NEC form. If you want the amount reported in a different box (to report the amount as rent, special attorney fees, etc.), enter the box number here. Refer to current IRS guidelines for further details.

Check this to allow the ACH Payment Advice email to be sent to the vendor when ACH payments are paid.  This email includes a PDF listing all payments made.

The ACH Payment Advice email feature must first be activated in the Accounts Payable Workflow Controls.

Additional Learning Resources

Overview: Accounts Payable Approvals

Configuring Tools for Accounts Payable

Last date vendor record was maintained.

This amount is calculated each time the screen is accessed by adding all amounts for the current year from the Vendor Transaction History file (APHIST) for this vendor. This is a total figure representing all corporations.

To see a breakdown of amounts for each corporation, click the Update 1099-MISC Info for Prev Year button (or press F20).

This amount is calculated during year-end processing, and represents the total amount paid to this vendor by all corporations for the previous year.

• To see a breakdown of amounts for each corporation, click the Update 1099-MISC Info for Prev Year button (or press F20).

Indicate whether this vendor will be paid via check or ACH.  

• NOTE:  In order for payments to be made via ACH on the Accounts Payments screen, the credit union must have a relationship with Magic Writer as an ODFI.  Paying invoices via ACH is activated in the Accounts Payable Workflow Controls.

• Learn more about paying a vendor via ACH in the Configuring Tools for Accounts Payable booklet.

If ACH is selected above, enter the financial institution name.

If ACH is selected above, enter the routing number of the financial institution.

If ACH is selected above, enter the account holder name at the financial institution.

If ACH is selected above, enter the full account number (including suffix if applicable.  Then indicate whether the account is a savings or checking account.

Description

(Used only for credit unions with multiple corporations.) Use this to set up multiple default expense accounts for a single vendor. (Any changes already made here will be saved.)

Use this cancel all changes and return to the initial vendor selection screen and choose another vendor.

Use this to maintain the history of invoices paid to this vendor. BE CAREFUL: If any changes were made to the vendor information on this screen, be sure to use Enter to save them first, then return and use this feature to look at history.

• If an accounts payable check was voided, this must be used to correct this vendor's YTD totals.

Use this to cancel all changes and return to the Home Page.

This feature has two purposes:

• For all credit unions, F20 must be used in order to change the amount to be reported on 1099-MISC forms for this vendor.

• For multiple-corporation credit unions, it is also used to view and modify the detailed breakdown showing each corporation's portion of the total amount paid to the vendor.

NOTE: This is the same as the Update 1099-MISC Info for Prev Year button.

Use this to display a screen where you can enter up to 32 lines of free-form text to document procedures, policies, and other information about working with this vendor.

Use this to print an envelope with the vendors address.

Check out these additional video resources!