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dairy1
June 16, 2022
Question

terms for vendors

  • June 16, 2022
  • 2 replies
  • 0 views

how do I set of terms for vendors with certain terms?  For example, a lot of vendors here in Utah have a due 10th of following month no matter date of invoice the previous month.  Or 20th following month or 15th following month.  None of these vendors have a discount if paid before paying before the date.  I've tried several ways in the terms option but none of them work.  Would someone be able to help me so I can set them up and not have to remember every vendors terms when receiving an invoice.

    2 replies

    P
    Pete_Mc
    June 16, 2022

    For an single company, go into your Vendor Center and Double Click on the one you want to change (or Right Click and then choose Edit Vendor).

     

    The second item on the left should be Payment Settings and on that screen below the Acct# you should see Payment Terms.  Click on the Drop Down Menu and then on  <Add New>.  You can setup to pay within X number of days, or set up a Date Driven option.

     

    If  you want to set up Terms that will appear in the Drop Down for all Vendors, Go to Lists in the Top Menu Bar.  Then go to Customer & Vendor Profile List and then to Terms List.  Hit Ctrl/N or there's a Drop Down Menu at the bottom to create a New Term as you did for the individual Vendor above.

    D
    dairy1Author
    June 16, 2022

    Thank you for your response however I'm not sure you understand.  I've tried setting up a Standard due in 30 but that's incorrect, I've tried Date driven, but there is not discount available to enter and it won't save it if that's the fact.  Also, if I have an invoice dated 6/30/22 for a vendor its due 7/10/22 or 7/20/22 depending on the vendors terms no matter what.  I want to create a terms that will apply to individual vendors whatever their terms are instead of me trying to remember which terms go to which vendor and manually entering it in with the bill.   

    P
    Pete_Mc
    June 16, 2022

    Yes, it should work that way... 

     

    Edit Vendor and crate a new Term  (Bob's Due By 20th)

    Click on Date Drive and then in the next line Net due before the ___th day of the month put in the 10th or the 20th.

     

    When a new bill comes in and you enter it, pick the above Terms from the Drop Down Menu.  QBs should then ask you if you want to make it the Default. 

     

    I also edited my original comment.  If a lot of the Vendors have the same payment date you can set up a Term that will be available when entering in a bill to any vendor.  You don't need to go in to each Vendor to create the same payment date.

    KlentB
    KlentB
    July 7, 2023

    I'll share additional insights about how payment terms work in QuickBooks Online, Ken_WBD.

     

    The Due the next month if issued within option is only used to manage situations where invoices or bills are created shortly before the deadline. When the transaction is generated within the specified number of days, payment is not due until the subsequent month.

     

    To ensure that all entries display a specific due date, regardless of their creation date in the previous month, please make sure to enter the correct value in the Due by certain day of the month field. Then, leave the others blank.

     

    If the date-driven terms still don't work, we can perform some troubleshooting procedures. Occasionally, outdated accumulated site data within the system can lead to unexpected behaviors.

     

    Let's start by accessing your company through a private or incognito window. Utilizing this mode prevents internet files from being stored. Here are the keyboard shortcuts:

     

    • Google Chrome: Ctrl + Shift + N
    • Mozilla Firefox: Ctrl + Shift + P
    • Safari: Command + Shift + N

     

    If that works, go back to your regular browser. Then, clear its cache and cookies to start over fresh. This should prompt the system to fetch the most recent data. Alternatively, we can switch to other supported browsers.

     

    Additionally, here are some articles that you can read to help manage your vendors and track all money you've paid to them:

     


    Do you have any other product questions in mind? Feel welcome to post them below. You can rely on me to be responsive to your needs and concerns.

    K
    Ken_WBD
    July 7, 2023

    I'm not using the desktop version.  I'm using Quickbooks Online.

    KlentB
    KlentB
    July 7, 2023

    Thanks for getting back to us, Ken_WBD.  I hope this post finds you well.

     

    I want to inform you that I have taken the time to update the steps mentioned earlier for QuickBooks Online based on your specific needs. My goal is to provide you with the most accurate and tailored guidance to help achieve your goals effectively.

     

    Should you have any further questions or require additional assistance, please feel free to reach out to me directly. I'm here to support you every step of the way.

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