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Create and manage vendor records
The Vendor Record Management system allows you to create vendors and record various relevant information about the vendors. On creation of a Vendor, BusinessAhead automatically creates the Accounts Payable ledger associated with the vendor, in which transactions related to the vendor are recorded.
The following records are maintained for each vendor:
- Basic Profile: Assign a unique vendor code, assign a department and record basic information of the vendor.
- Contact Information: Maintain all contact information of a vendor, viz. billing contact, shipping contact, contact for general communication, etc.
- Business Terms: Assign vendor priority, Payment terms, Credit terms and Tax class.
- Legal Information: Maintain all statutory and legal information pertaining to the vendor. This may be useful whenever you need to quickly access your vendor's information such as Income Tax PAN No., Sales Tax Registration No., etc.
- Vendor Documents: Maintain all documents pertaining to your vendor for quick reference. This interface allows you to upload document files pertaining to a vendor. All relevant documents pertaining to a vendor that you would like to keep at one place for quick and easy reference, can be attached with the vendor. These documents could be available to you in any format, viz. MS-Word, MS-Excel, pdf, jpg image, etc.
BusinessAhead allows you to classify vendors into various categories, depending upon the type of organization they represent or whether they are direct manufacturers, dealers, distributors, resellers or agents. Irrespective of category, all are treated as vendors.
You can setup a list of Vendor Status that will be applicable for your company's vendors.
- Active - Regular Vendor with whom purchase can be allowed.
- Inactive - Not a Vendor any more.
- Suspended - Dealings with this Vendor is temporarily blocked.
- Blacklisted - Dealings with this Vendor is blocked permanently.
Dealings will be allowed only with Active vendors.
Types of Vendor Contact
You can define various types of contact information that you would like to maintain for each vendor. Example: Main Contact, Billing Contact, Shipping Contact, Technical Contact, Sales Representative, Sales Head, Management, etc.
The following 4 contact types are mandatory in BusinessAhead and for each vendor you must define these 4 contact types: MAIN, BILLING, SHIPPING and TECHNICAL. These contacts are used in purchase documents. The shipping contact is used to determine the source address from where your vendor will despatch goods/materials to your company and will be used to determine the applicable taxes & duties.
When you create a new Vendor, BusinessAhead uses the contact information provided during Vendor creation, to pre-populate the above 4 contacts. Subsequently, you can edit them. You can also create additional contact types as may be fit for your business. You may also add additional shipping contacts if your vendor has multiple locations for shipping goods supplied to you.