Overview
This program is used to:
-
Assign several accounting-related parameters to Vendor records set up in the Rootstock Purchasing module.
-
Display summarized Accounts Payable related balances for the Vendor.
When in a multi-company environment, if a Vendor will be doing business that creates AP transactions in multiple Financial Companies, Vendor Company records are needed.
Prerequisites
Financial Company Master: The Financial Company Master must exist for the Company with which the given Vendor Company record is being added.
Vendor: Must have a Vendor associated with a Financial Company.
GL Accounts (Chart of Accounts): Appropriate GL Accounts must exist for this functionality.
Bank Accounts: At least one Bank Account must be used as the Accounts Payable default for Vendor Class and Financial Company.
Navigation
Vendor Company
Processing
Vendor Company – add or edit
Fields
Header Section
Vendor: The Vendor for which the given record represents.
Company: Financial Company that the given Vendor is associated with.
AP User: The AP User responsible for the given Vendor and Financial Company.
Accounting Dimension Value: Where a Vendor Dimension is used (set in the Company Master), a dimension value associated with the Vendor Dimension can be selected if appropriate.
Pay Type: Defines how this Vendor, when doing business with the given Financial Company, will be paid. Options are:
-
Check
-
Cash
-
EFT
-
Credit Card
-
Bank Card
NOTE If the 'Vendor' is selected, this 'Pay Type' field defaults with the 'Pay Type' field value from the Vendor Class associated with the Vendor.
1099 Vendor: When checked, it indicates that the given Vendor requires a 1099 form for tax filing purposes.
1099 Type: When the 1099 Vendor box is checked, a user can assign the Vendor to a specific 1099 type. When selecting the 1099 type, the amount to be declared in the 1099 form will be reported in the correct box on the 1099 form. Options are:
-
Rent
-
Royalties
-
Other Income
-
Fishing Boat Proceeds
-
Medical / Health Payments
-
Non-Employee Compensation
-
Crop Insurance Proceeds
-
Gross Payments to Attorney
-
Fish purchased for Resale
Credit Card Vendor: When the Pay Type “Credit Card” is selected, this flag will be checked and indicates that the given Vendor, when transacting with the given Financial Company, is paid by credit card.
Pay By Credit Card Account: When the Vendor Company record is flagged as a Credit Card Vendor, this is the credit card account that the given Vendor will be paid by.
Withholding Tax Class: When Withholding Tax is applicable, select the Withholding Tax class from the picklist displayed. Withholding Tax classes are set up in the Withholding Tax Class program (See Defining Withholding Tax (WHT) Classes).
WHT Vendor form: When Withholding Tax is applicable, select the WHT Vendor Form applicable to this Vendor.
Vendor is an Individual: When Withholding Tax is applicable and this box is checked, the Tax Identification Number assigned to the Vendor in the Vendor Master (See Vendor Master), will be printed in the Personal Identification boxes in the WHT Vendor Certificate.
Account Tab
Accounts Payable Account: The Accounts Payable Account applicable for AP transactions related to the given Vendor and Financial Company.
Accrued AP Account: The Accrued AP Account applicable for AP transactions related to the given Vendor and Financial Company.
Bank Account Name: The Bank Account associated with the given Vendor and Financial Company.
GL Expense Account: The Expense Account applicable for AP transactions related to the given Vendor and Financial Company.
-
The field Type of Control Account on GL Account should be set to the value 'Not a Control Account'.
-
The GL Account should not be associated with any GL Bank Account.
-
The field AP Account Type on GL Account should not be any of the following values:
Balance Owed Amount (Home Currency): Display only - This formula field displays the outstanding payables amount owed to the Vendor for activity within the given Financial Company, delineated in the Company's Home Currency.
Unapplied Debit Amount (Home Currency): Display only - This field carries the total not-yet-applied credit amount for the given Vendor for activity within the given Financial Company, delineated in the Company's Home Currency.
Unapplied Credit Amount (Home Currency): Display only - This field carries the total not-yet-applied debit amount for the given Vendor for activity within the given Financial Company, delineated in the Company's Home Currency.
Related Customer-Company for Offset: This field references a Customer representing the same entity as the Vendor in this Financial Company. Payables and Receivables from these two can be offset against each other.
Date of Last Payment Offset: This field carries the date of the last time the Payable and Receivable offset process was run for this Vendor/Customer.
Payment Offset Close Day for AP: This field carries the day of the month used to derive the Transaction Cutoff Date for the offsetting of Payable Transactions.
Payment Offset Close Day for AR: This field carries the day of the month used to derive the Transaction Cutoff Date for the offsetting of Receivable Transactions.
Payment Offset – Pay Customer CR Balance: When checked, the Payment Offset process generates an AP Payment where there is a Credit balance in AR.
Payment and Recipient Bank Info Tab
Where European Payment Processing is required, additional fields are required to support EFT payments made. These fields are displayed below.
Business Identifier Code: The SWIFT Address (also known as BIC code) assigned to a bank to send automated payments quickly and accurately to the banks concerned. It uniquely identifies the name and country, (and sometimes the branch) of the bank involved.
International Bank Account Number: The Vendors IBAN number. IBAN stands for International Bank Account Number and is a number attached to all accounts in the EU countries plus Norway, Switzerland, Liechtenstein, and Hungary.
Bankgiro Number: If the payment is to be made to Sweden, a Bankgiro number is an identifier required for bank accounts in Sweden.
Bank Account Reference Number: The Vendor’s Bank Account number. For Sweden, this is the 15-character bank account number (where the first 4 digits represent the branch [clearing number] number).
Remittance Advice Template: This field carries the RootForms template used to generate Remittance Advice documents from Payment Selection. If not specified here, the default template from AP Control will be used for this vendor.
Email Address to Send Remittance Advice: This field carries the email address to which Remittance Advice Documents will be sent for this Vendor. This field also serves as the ‘switch’ for this process – emails are sent only if this field has a value.
SEE ALSO
Company Master
Vendor Master
Financial Vendor Account Inquiry
