Vendor Class (UG)

Owned by Kati Huttunen (Unlicensed)
Last updated: Mar 18, 2019 by Emma Greenwood
4 min read

Overview

NorthScope allows users to add and edit vendor classes. These records serve as a default for all future created vendors assigned to the corresponding vendor class. The vendor class records are integrated with the Host system if the integration setup in the Company module for Vendor Class is set to immediate or timed. 

Required Prerequisites

  • Financial Account Setup
  • Currency Setup
  • Checkbook Setup
  • Payment Terms Setup

Optional Prerequisites

  • Tax Class Setup

Step 1: Adding a New Vendor Class in NorthScope

Expand the Purchasing module on the navigation menu and select Setup. This expands the Setup menu. Select Vendor Class. The vendor class list view displays all the existing vendor classes. Click New from the toolbar to create a new vendor class. This opens a blank vendor class record for data entry.

Step 2: Assigning the Vendor Class Properties

Enter the following vendor class details.

ID and Description

Class ID: Enter the ID for the vendor class. This field is required and the value must be unique.

Description: Enter the description for the vendor class. This field is required.

Configuration

Attribute Class: Select the default attribute class to be used to assign groups of Attributes (user defined fields) to a Vendor and identify whether or not they are required.  The value selected for this property determines the list of Attributes that are visible on the Attributes Tab. Attributes can be assigned to the Attribute Classes in the User Defined Attributes screen, located in the System Module in NorthScope. 

Checkbook: Select the default checkbook that is used to pay for the vendors in the vendor class. The menu displays all active checkbooks configured in the Host system.

Currency: Select the default currency for the vendor class.

Discount Grace Period: Enter the discount grace period. This field defaults to 0.

Due Date Grace Period: Enter the due date grace period. This field defaults to 0.

Payment Priority: Enter the payment priority value. This field defaults to 0.

Payment Terms: Select the default payment terms for the vendor class. This field is not required.

Tax Class: Select the default tax class for the vendor class. The menu displays all active tax classes configured in Company > Tax class. This field is not required.

Tax Type: Select the tax type from the following options:

  • No 1099
  • Dividend
  • Interest
  • Misc

If the vendors in the vendor class do not require a 1099 statement, select ‘No 1099”. If the vendors in the vendor class require a 1099 statement, select Dividend, Interest or Misc. If one of these tax types is selected, a 1099 amount can be specified when transactions are entered and 1099 statements can be printed for the vendor at the end of the year.

Vendor Type: Select the type of Vendor, the lookup contains the following options: 'Vendor', 'Fisherman', 'Tender', 'Fisherman & Tender', and 'Loan'.  This field is not editable once a vendor is assigned to the class.

Other

Inactive: Select if the vendor is inactive (Yes) or active (No). The field defaults to No.

Once the properties are entered, click the ‘Save’ toolbar icon. If the save was successful, the vendor class record will be saved and it appears in the vendor class list view.

Step 3: Editing Default GL Accounts

Click on the Accounts tab to assign default GL accounts for the vendor class. Setting these accounts will drive accounting rules within the Purchasing module.

Select the appropriate account for the following account types:

For Vendor Types "Fisherman", "Tender", "Fisherman & Tender", and "Loan":

  • Settlement Accrual
  • Cash
  • Terms Discount Taken
  • Finance Charges
  • Write Off

For Vendor Type "Vendor": 

  • Accounts Payable
  • Purchases
  • Cash
  • Terms Discount Taken
  • Finance Charges
  • Write Off

Once the accounts have been selected, click Save to save the changes made.

Step 4: Assigning a Vendor Class to a Vendor

When creating a new vendor, select the desired Vendor Class from the Vendor Class property field. Assigning the vendor class to a new vendor will default all of the shared fields from the vendor class once the new vendor is initially saved. Changing a vendor’s vendor class after the vendor was already created will not re-default the shared fields. In order to re-default the shared fields of the previously created vendor from a newly assigned vendor class the user must roll down the field values from the vendor class (see step 5).

Step 5: Rolling Down Vendor Class Values to a Vendor

If the user would like to default edits made to a vendor class to all vendors assigned to that vendor class, the user can roll down the vendor class’s field values. In order to roll down a field value from a vendor class to a vendor assigned that vendor class, the user can simply check the Roll Down checkbox next to the field value to be rolled down. Checking this checkbox will display a message asking the user to verify, if the field values should be rolled down to all vendors in the vendor class. Click OK to confirm and then select Save to implement the roll-down. The user can opt to roll-down all, many or no field values to the vendors belonging to that vendor class. However, all vendors created after the vendor class was created and assigned to that vendor class will have their field values defaulted from the vendor class.