Using Accounts Payable

Understanding VendorsLine item foreign currency calculationIf you have assigned a foreign currency code to a vendor, and enter the vendorID on a purchasing document, Colleague uses that currency code toautomatically calculate the line item amounts in both the home currency andthe foreign currency, and displays both amounts, with the currency code nextto the foreign currency amount.Foreign currencies are defined on the Currency Exchange (CEXM) form. Formore information see the Getting Started with Purchasing and AccountsPayable manual.Tax FormFor vendors on which you do annual income tax reporting (to the InternalRevenue Service [IRS] or Canada Customs and Revenue Agency [CCRA]),you can enter the applicable tax form on the vendor record of each of thevendors. The entry of the tax form code on their vendor records will allow youto track their income line item by line item, so that you can report on it at theend of the year.For example, you can enter “1099-MISC” on the records of all vendors onwhom you report 1099-MISC income. This code in a vendor’s record willcause Colleague to select that vendor for automatic 1099-MISC processingwhen you run that process annually.Tax forms are maintained in a code table called TAX.FORMS that is definedin Core and comes pre-defined by Datatel. You can add tax form codes to thiscode table if you need to.Another defaulting mechanism for tax forms is to set up your system so thatall the information needed for 1099 processing defaults into line items in onestep. For more information, see “Streamlining Your 1099 and T4A Tax FormInformation” on page 51.Vendor Properties That Do Not Default ontoProcurement DocumentsNeither the AP Types nor the Commodities field on the Vendor Maintenance(VEND) form defaults directly onto procurement documents. But both can beused, when associated with a vendor record, to provide important assistancein selecting and segmenting purchases from different vendors. 3Using Accounts Payable, June 19, 2009 49© 2009 Datatel, Inc.