How do I setup a new vendor in Quickbooks? Just like setting up a new customer, this is a question I get quite often.
STEP 1: New Vendor
First, get logged into your QuickBooks and click into Vendors. Then, click New Vendor. If you had a list of vendors from a previous program and wanted to input them into QuickBooks, you could do that by dropping down New Vendor and selecting Import.
STEP 2: Vendor Information and Check Printing
Now, start filling out the vendor’s information. If you plan on printing checks from QuickBooks, pay special attention to where it says “Print on check as”. This is what will display on the QuickBooks-generated checks.
STEP 3: Default Terms
Now, select the default terms for this vendor. On receipt means that you want the invoice paid as soon as possible. Net XX means that you want the invoice paid within XX days. Finally, you could also see something like 1% 10 Net 30. This would mean that if the customer pays the invoice within 10 days, they get a 1% discount. They can also pay within 30 day, paying all 100%, and still be on-time.
STEP 4: Account Number, Tax ID, and 1099 Tracking
If you have an account number with the vendor, input it into the appropriate box. Also, if you have the vendor’s tax ID number, input that. If you want to track this vendor for 1099s, click the box. If you have questions about 1099s, I have another post about those. Finally, just save the vendor.
Congratulations! You have now setup a new vendor in QuickBooks.