Card Information window
Cards Overview > Creating cards > Selling Details viewThe buying information you enter here will be used when entering bills for a vendor. Enter the purchase layout for each vendor and the layout you choose will be displayed when you enter the vendor's name in the purchases window. Similarly, if you make an entry in the Printed Form field, that form will be used when you print the purchase for the vendor. If you choose the service layout, you can assign a default cost of sales or expense account for a supplier. When you enter purchases for this vendor, the account will be entered automatically when you enter line items on the purchase. You can change these automatic vendor entries if you wish.
If the rate you charge for time billing activities depends upon the vendor who performs the activity, you can assign an activity rate to your vendor cards. You can also track the cost of performing activities by entering an estimated cost per hour for your vendors.
You'll use the Vendor Terms Information section to enter credit terms and to indicate how discounts should be calculated for the purchases you enter. If you are required to collect tax on purchases made from a vendor, choose a tax code for the supplier in the Tax Code field. See Assigning credit terms to your customers for more information.
If you're required to collect taxes from the customer, or pay taxes to the vendor, you can specify a tax code for the customer or vendor. When you enter the customer card on a sale or the vendor card on a purchase, the tax code you enter in the Selling Details or Buying Details view will be entered automatically.
If you wish to report payments to vendors for inclusion on a 1099 statement, select how you wish to report the payments by choosing from the list of categories in the Report Payments on 1099 as: field of the Buying Details view of the Card Information window.
In order for the Report Payments on 1099 as: field to be available, payroll must be set up in your company file. Plus requires the calendar year structure provided by the payroll feature in order to track 1099 payments for the tax year. If the Report Payments on 1099 as: field appears in this view, payroll has already been set up in your company file and you can track bill payments on 1099 statements for vendors you designate as 1099 vendors. If the field doesn't appear you must set up payroll before you can track vendor payments on 1099 statements.
If you haven't set up payroll yet in your company file, you'll first decide how you intend to use the payroll feature. If you plan to use Plus to record payroll transactions for your employees, you'll use the Easy Setup Assistant from the Setup menu to set up payroll.
If you don't plan to use MYOB Plus to track payroll transactions for your employees -- if you plan to use the Plus payroll feature for 1099 purposes only -- you'll need to only load the payroll tax tables and enter the payroll year to set up payroll. When you set up payroll for 1099 purposes only, the date of the payroll tax tables you load has no affect upon the tracking of 1099 payments; any tax table is usable.
For a step by step procedure, see To set up a vendor as a 1099 vendor.
The credit terms you assign to your customers -- and those your vendor assign to you -- are rules that govern the number of days between shipping and payment, discounts for early payment and penalties for late payment. You can set specific credit terms for each customer using the Customer Terms Information section of the Selling Details view; you can set specific credit terms for vendors using the Vendor Terms Information section of the Buying Details view.
After you set up credit terms, discounts based on the terms are automatically calculated when you enter sales and purchases. (You can change the terms and discount amounts for individual sales or purchases, if you need to.)
| Idea: You can set up credit terms for all new customers and vendors If you wish to establish a set of credit terms for your new customers and your new vendor, you can use the Preferences window to do so. To do this, use the To change the default credit terms for new customers or To change the default credit terms for new vendors procedure. The terms you set in these windows will be applied only to new customer and vendor cards you create. For customer cards already created, credit terms can be assigned in the Selling Details view of the Card Information window; for vendor cards already created, credit terms can be assigned in the Buying Details of the Card Information window. |
Click below for the step-by-step procedure:
To enter buying details (vendors only)
To set up a vendor as a 1099 vendor
Cards Overview - Buying Details view (Card Information window)