Managing vendor terms efficiently in Sage Intacct Construction can streamline your accounts payable process. This guide provides insights on setting up and using vendor terms effectively.

Accessing Vendor Terms:

• Navigating to Vendor Terms:

• Go to Accounts Payable.

• Click on Terms under the overview section.

• This area is alongside other options like vendors, vendor types, and various workflow steps.

Understanding Vendor Terms:

• Purpose of Vendor Terms:

• Vendor terms are essentially payment terms you agree upon with your vendors, such as Net 30, Due Upon Receipt, or Net 15 with a discount for early payment.

• Adding or Editing Terms:

• Choose Edit to modify existing terms or Add to create new ones.

• When adding or editing, you'll need to input:

• Name: This acts as the primary ID for the term.

• Description: Usually the same as the term name.

• Due Date: Defines when payment is due relative to the bill date.

• Discounts: If applicable, specify the discount rate and the final day for the discount.

• Penalties: Set any late payment penalties.

Assigning Terms to Vendors:

• Assigning During Vendor Creation:

• Add terms when creating vendor profiles.

• Assigning to Existing Vendors:

• Select a vendor and edit their profile.

• Under the Payment Information tab, choose the appropriate term.

• The due date will auto-populate based on the selected term.

Benefits of Vendor Terms:

• Automated Due Dates:

• Automatically populates the due date during bill creation, reducing manual data entry.

• Clarity in Payments:

• Helps in maintaining clarity and consistency in vendor payments.

Important Considerations:

• Distinct from Customer Terms:

• Vendor terms in accounts payable are different from customer terms in accounts receivable. Terms need to be set up in both modules if applicable.

• Grace Days and Penalties:

• Customize terms with grace days for late payments and potential penalties.

Conclusion:

Setting up vendor terms in Sage Intacct Construction is a crucial step in managing your accounts payable efficiently. By defining clear terms, you can automate due dates, enjoy discounts for early payments, and maintain good vendor relationships. Remember, consistency in setting terms across vendors is key to a streamlined accounts payable process.

Watch the complete tutorial on YouTube to get a step-by-step visual guide on setting up and utilizing vendor terms in Sage Intacct Construction.