Vendors are a company or persons that your chapter has utilized for something for your chapter. A vendor is not just a person you hired for a service, it will also be a store or website you purchased from. For more information on Adding a Vendor review this article.
For example, your vendor could be your gardener or Amazon.
To manage your vendors, To add a vendor, click on the banking tab on the left-hand side of the main Admin Dashboard.
Once there, you can navigate to the vendor module by locating the vendor tab at the top of the page OR locate the vendor tile and click the link Manage.
Or
You can then search for a vendor and click on the name as a hyperlink for all the payment/ expense history.
If you need to create a new vendor, you will go to Create New Vendor by clicking the link Addd Vendor.
Adding a vendor can be as simple as adding the vendor’s name, but you also have the ability to add all the information of that vendor such as:
Adding more detail about the vendor:
- Vendor Name
- Tax ID
- Address, City, State, Zip Code
- Status – Active Vs. Inactive
- 1099 – Track Payment
The vendor will be beneficial if any future transition admins need to contact the vendor.
Value of Tracking your Vendors:
As you start assigning vendors to each expense, you will have data on all the past payments/ expense history. This will help you get more accurate numbers when creating your budget.
Example: Your gardener charges $75.00 per month to mow the lawn. When a sprinkler breaks, they will fix it for you but charge you $25.00. At the end of the year, the gardener fixed 6 sprinklers. Without tracking your vendor, you would have budgeted $900 for the gardener for the year ($75.00 x 12 = $900.00). However, if you are tracking your vendor you are able to see that when you look back on the transactions for the past year for this vendor, you realize that because 6 sprinklers broke (6x $25.00 =$150.00 + $900.00), the cost of the vendor for the year is actually $1,050.00.
You will then have a better understanding of what to budget for the gardener, or that you need to budget about $150.00 for house maintenance.