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Accounting > Accounts Payable > Vendors
Inside the Primary Grid:
1. Click the [New] button in the Action Ribbon to open the Add New Vendor window.
2. Input the Vendor’s Name and then press the [Tab] or [Enter] key on the keyboard.
3. Click on the “X” to escape the Vendor Search grid.
∟ The Vendor Search grid prevents users from creating duplicate Vendor records.
4. Click the [Create] button.
5. Input the Vendor Number, if applicable.
∟ Click the [Create] button in the New Customer window.
Within the Vendor Record:
6. Input any additional vendor information as needed.
7. Click the [Save] button in the Action Ribbon.
Note that the following fields respond as described.
Discount Days are the default number of days the vendor’s Discount is applicable past the payable’s Transaction Date.
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When no Day Due or Net Days are entered on the vendor record, the payable’s Due Date defaults as the number of Discount Days past the payable’s Transaction Date. (See Example 1)
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Discount Days only affect the payable’s Due Date when a Discount is entered.
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Discount Days cannot be edited on the payable but the payable’s Transaction Date and the payable’s Due Date can be edited.
Example1: When Discount Days = 10, Net Days = 0, and Day Due = 0. Payables created on the first of the month (Transaction Date January 1st) default with a Due Date of the 11th of the month (January 11th) and the Discount percentage is applied to the payable when paid from January 1st through January 11th.
Net Days are the default number of days past the payable Transaction Date that the payable Due Date populates for the vendor.
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Net Days are applicable when Due Date = 0.
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When both Net Days and Day Due are not zero, Day Due overrides Net Days. (See Example 3)
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A Discount does not have to be entered for Net Days to apply.
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Net Days can be edited on the vendor’s payable along with the payable Transaction Date and the payable Due Date.
Example 2: When Discount Days = 10, Net Days = 30, Day Due = 15, Cutoff Day = 0. Payables created on the first of the month (Transaction Date January 1st) default with a Due Date of the 15th of the month (January 15th) and the Discount percentage is applied to the payable when paid from January 1st through January 11th.
Example 3: When Discount Days = 10, Net Days = 30, Day Due = 15, Cutoff Day = 0, Payables created on the first of the month (Transaction Date January 1st) default with a Due Date of the 15th of the month (January 15th). The Discount percentage is applied to the payable when paid from January 1st through January 11th. See Cutoff Day below for information about the effect, when used, on the vendor’s default payable Due Date.
Day Due is the day of the month to default as the payable Due Date for the vendor.
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When the vendor’s payables are created before the Day Due, the payable Due Date defaults to the current month. (See Example 4)
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Payables created after the Day Due default to the next month. (See Example 5)
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When the payable Transaction Date is edited, the default payable Due Date does not change. However, the payable Due Date can be edited.
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When both Net Days and Day Due are not zero, Day Due overrides Net Days.
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Cutoff Day affects the payable Due Date when Day Due is used. See Cutoff Day below for more information.
Example 4: When Discount Days = 10, Net Days = 0, and Day Due = 15. Payables created on the first of the month (January 1st) default with a Due Date of the 15th of the month (January 15th) and the Discount percentage is applied to the payable when paid from January 1st through January 11th.
Example 5: When Discount Days = 10, Net Days = 0, Day Due = 15, and Cutoff Day = 0, payables created on the 15th day of the month (January 16th) default with a Due Date of the 15th of the next month (February 15th) and the Discount percentage is applied to the payable when paid from January 16th through January 26th.
Cutoff Day is the day of the month when the payable Due Date defaults to the month after the next month for the vendor.
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When Cutoff Day is used, the default payable Due Date is never in the month the payable is created. Instead, the payable Due Date defaults to the Day Due in the next month, then after the Cutoff Day, defaults to the Day Due in the month after the next month. (See Example 6)
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The Cutoff Day should be a day of the month after the Due Day of the month.
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The Due Date on the vendor’s payables can be edited.
Example 6: When Day Due = 16 and Cutoff Day = 28 Payables created on January 1st through the 28th have a default payable Due Date of February 15th. Payables created on January 28th through February 27th have a default payable Due Date of March 15th.
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