One of the first steps you need to deal with after setting up your QuickBooks account is to add vendors.
A Vendor or Supplier refers to any person or business that provides you with goods or services. It could be your internet provider, your landlord, or the dealer who provides you with items for sale.
Note: You may see Suppliers instead of Vendors. If you are in the US and you are using simPRO, you should see Vendors.
Do I Need to Create Vendor Accounts After Setting Up QuickBooks?
No. You can add an Expense even if you leave the Payee blank. However, it will be more convenient if you do.
When all your expenses don’t have Payees, you will have a harder time tracking who you need to pay and if you already paid for it. It will also be harder to reconcile your accounts.
How Can I Add Vendors?
There are three ways to add a vendor account –through the New Vendor button, by importing the list of suppliers, and while you’re recording an expense.
Add a New Supplier
If you are doing business with a few suppliers, it may be more convenient to add them one by one through the New Vendor option. Here’s how to do it.
- Choose Expense on the menu on the left side of your screen.
- Click on the Vendor tab. You can also click on the Vendor button that appears when you hover on Expenses.
- Click the New Vendor button to access the Vendor Information Form. It’s a green button on the upper right corner of the page.
- Fill out the Vendor Information Form. This form asks for the following:
- Complete name of the vendor or the company name
- Phone, Mobile, and Fax numbers
- Other contacts
- Account ID
- Business ID
- Attachments – this could be the invoice or other supporting documents related to the expense
Note: You don’t need to fill out all the fields.
- Click Save.
For an established business dealing with several vendors, adding vendors one at a time is impractical. It would be faster to import a vendor list. To do that, follow these steps.
- Click on the Expenses tab on the left corner of your screen and choose Vendors.
- On the Vendors tab, click on the green drop-down button on the right side of the New Vendor icon.
- Choose the Import Vendors option from the drop-down menu. This will open a window that prompts you to complete three steps.
Step 1: UPLOAD.
QuickBooks will only accept vendor lists encoded in an EXCEL or CSV file. If you’re not familiar with the required QuickBooks format for vendor lists, download the sample file.
Organize your data in the same format as the sample. When you’re down, browse for the vendor file on your computer and click Next. You can find the Next button on the lower right portion of your screen.
Step 2: MAP YOUR DATA
After uploading your vendor list, QuickBooks will match the fields in the software with the fields in the file you uploaded. Check if the fields match. Then, click Next.
Step 3: IMPORT
During this step, you will see the data on the CSV or Excel file in a table format. Check the information for accuracy and make changes as needed. When you’re done, click Import.
You will receive a notification regarding the number of items uploaded successfully. QuickBooks will also notify you if an error occurs during the uploading process.
Add New Vendor When You Input on a New Expense Transaction
What if you are recording an expense for a new vendor, but you can’t find that vendor on the drop-down menu under Payee?
If you started a New Transaction under the Expense tab, you don’t have to return to the Vendor tab to add a new vendor.
- On the drop-down list under Payee, you should see Add New, which has a plus (+) sign beside it, on top of the list. If you can’t find the vendor on the list of existing vendors, click on Add New. You can also do this for other payees like Customers and Employees.
- When you choose Add New, you will see a form asking for the Name of the payee. The default option for Type is Vendor but if it’s not, choose the right type. After adding the name, you can hit Save to add the name of your new vendor to your list. However, you have to edit Vendor Information if you want to add the vendor’s address, contact details, and other details.
- If you want to complete the set up right away, don’t click Save yet choose Details instead. This should bring up the Vendor Information Form where you can complete the setup.
If you accidentally clicked Save, you can edit the Vendor details after you input the new transaction.
To make edits on Vendor Information, go to the Vendor Tab under Expenses. Click on the name of the vendor you want to edit and click on the Vendor Details tab and click Edit.
After completing your company set up, it’s time to do the next steps. And, you can start by adding vendors.
If you have a small business, you can do the vendor setup on your own. QuickBooks is a user-friendly platform, even for non-accountants. But as your business grows, it may be more cost-effective to hire a bookkeeper to help you ensure that your books are in order. If you need help with your books, we’d like to hear from you. You can reach us at (832) 915-1040.