5. Create Vendors

1. Setup Vendor defaults

• Begin by reviewing and tailoring the settings on the Vendor setup menu
• Go to Setup > Settings > Vendors & Purchases / Suppliers
• Review all 5 tabs and modify any settings to match your own business preferences. Tabs Include items such as:
  • Address
  • Options
  • Discount
  • Names

2. Cheque Printing Defaults

• Most cheques that you will be inserted into your printer mat already have your preprinted details already on it
• It may have your company name, your business logo and other detail on it already
• If you do not have a preprinted cheque already, you can visit https://sage.ecommerce.dh.com/en/
• To setup cheque printing, go to:
  • Setup > Reports and Forms > Cheques
  • Select the appropriate bank account

3. Set up sales taxes

• Just like sales invoices, before you start processing purchase invoices, you must verify the Sales Taxes are setup properly. Importantly, if you setup the sales taxes incorrectly, the transaction will remember the incorrect Sales Tax setup and you will need to Reverse / Void the transaction entirely in order to apply the new proper settings to the already posted invoices
• See our detailed article How to set up sales tax
• After you setup the sales taxes, you will want to verify in a test transaction that it is aligned with the correct GL accounts by or going to CTRL +  J while in the Purchase Invoice
• You will want to review Verifying the sales tax is affecting the appropriate GL accounts to validate the setup before you start posting transactions

4. Create Vendor records

• How do I create a new vendor?
• If you need to Enable T4A, see Can I print a T4A with Sage 50?
• If you need to Enable T5018, see Vendor payment is not showing when I print or file T5018

5. Beginning balances

• If you entered a GL beginning balance total for Accounts Payable when working with the Chart of Accounts, then you should have outstanding, unpaid customer invoices
• Follow How to enter vendor beginning balances
• Click Invoices to record outstanding invoices

Prefer Training? 

• Take our FREE Get started with Vendors anytime course on Sage University.
• Or become a pro in Sage 50cloud and take our Accounting Modules anytime learning package