PEACHTREE -- DEFAULT INFORMATION FOR VENDORS

DEFAULT INFORMATION FOR VENDORS

We click on “MAINTAIN” menu on menu bar and then we click “DEFAULT INFORMATION > VENDORS”.

The following default screen will appear :

Here in payment terms we have different set of options that includes :

Ø C.O.D ( Cash On Demand )

Ø Prepaid

Ø Due in number of days

Ø Due on day of next month

Ø Due at the end of month

Ø Purchase Account ( here we will select ‘Inventory Account’ from ‘Chart of Accounts’ as we are dealing in perpetual inventory system )

Ø Discount GL Account ( here we will select ‘Discount Received’ account from ‘Chart of Accounts’ because in case of vendors we receive certain discount )

The next tab will be of “ACCOUNT AGING”, and this tab includes following options:

Ø Age Invoices By ( here we have two set of options i.e ‘invoice date’ and ‘due date’. Invoice date is used in case we are aging our vendors in term of invoices. And due date option is used in case we are aging our vendors in terms of date due for payment )

Ø Aging Catagories

The next tab will be of “CUSTOM FIELDS”. In this tab we are required to enter extra information about vendors. In order to make these options appear on vendor screen, we have to enable them by checking on ‘Enabled’ option.

The next tab is of “1099 SETTINGS”.