Quickbooks, Bookkeeping and Accounting Blog

New vendors can be added to QuickBooks at any time. When you add a vendor to QuickBooks you have the option to add information about the vendor (contact info, account number,etc.) but you don’t have to.

There are two ways to add vendors in QuickBooks. First, you can do so by selecting Add New when entering a bill or entering a payment directly into your check register.

Second, you can do so from the QuickBooks Vendor Center by clicking on New Vendor.

Fill out the Vendor Name in the New Vendor window. Unless you just created your QuickBooks company file, you can leave the Opening Balance blank. If you are in the process of setting up a new QuickBooks company file and you owe the vendor money, then enter the amount you owe. Then fill out the address information for the new vendor.

On the Additional Info tab, you can add your Account Number, a Billing Rate Level (use this if you will bill the expenses associated with this vendor back to your customers), the Vendor Type (use this if you want to categorize your vendors in a way that is meaningful to you - such as be greographic location or industry), your Payment Terms, Credit limit and Tax ID. If the vendor is eligible for a 1099, then it is important to check the "vendor eligible for 1099" box and to fill out their Tax ID and complete address information.

When you have finished entering information, click Next to add another Vendor or OK finish.

Finally, you can always edit vendors in QuickBooks. Therefore, if you don’t have all the information you want to add in front of you (such as the Tax ID for a vendor eligible for a 1099), add the vendor anyway and make a note to yourself to add the additional info later. Also, don’t enter more info than you need. For example, if you hand write your checks and you store your vendors address information elsewhere, then there might not be a good reason to spend time entering your vendors addresses into QuickBooks.