Sage 50 Setup Guide - Vendors

Related topics

Read about the Sage 50 Setup Guide

Perform other company tasks

Read the getting started overview

Setting up your company's vendors involves three tasks: setting vendor defaults, setting up data records for the vendors your company uses, and entering beginning balances from outstanding vendor invoices. So before you begin the process, you should assemble

  • any outstanding invoices or payments that you've made to your vendors; if you are converting from a manual system, all outstanding invoices/payments before your conversion date
  • the names, addresses, email addresses, contact names, and all other important general information about your company's vendors

You should also be ready with a variety of additional vendor information:

  • the default General Ledger account you use for purchases from each vendor
  • each vendor's tax ID number and your account number with the vendor
  • the payment terms each vendor extends to you
  • any pertinent vendor history, such as the date you started using the vendor and the dates and amounts of payments to each vendor

Important! As part of setting up a vendor record in Sage 50, you enter both an abbreviated code called an ID and a longer description that will help you identify the vendor. For example, you could set up a vendor ID "SMITHA" and a description such as "Smith Art Supply Company." IDs can be a useful shorthand if you establish a meaningful and efficient coding system. Tell me more about using a coding system to set up record IDs.

We recommend you review the topics listed below. They will familiarize you with some of the choices you need to make before setting up vendors.

Vendor Defaults

  • How does Sage 50 store vendor payment terms?
  • Sage 50 can age payables by either invoice date or due date. What's the difference, and how do I make my choice?
  • What kind of extra vendor information can I store, and how is it useful?
  • How do I set up Sage 50 so that it makes the right calculations on my vendor 1099 forms?

Vendor Records

Vendor Beginning Balances