Setting up Vendors is a great way to both streamline your bill pay process and track your expenditures.
To begin setting up your Vendor accounts follow the steps outlined below:
1. Mouse over the Payments tab and select Expenses.
2. Click the Vendors link found in the left menu.
3. Click Add New.
4. Add a name for your Vendor and fill out all desired, optional information.
5. Select a Payment Method (options listed below):
A. None - you will not be able to pay the vendor through FINSYNC. You can still pay by other means but you will need to manually match the payment transaction on the Banking tab to the bill and designate the bill as Paid.
Note: FINSYNC will not let you pay vendors with payment method "None" through FINSYNC. They will be marked with a yellow warning triangle on the bulk bill screen and you will not see "Pay" on the bill dropdown options.
B. ACH Bank Draft - FINSYNC will pull the money out of your account and electronically send it to your vendor. For this method, you'll need to enter the Bank Name, Account Number, Routing Number (9 Digits), and select and account type.
C. Check - Enter a valid US address and FINSYNC will draft the money from your one of your synced accounts and then send a FINSYNC check through the US Postal Service to your vendor.
D. Email - Enter a valid email address and FINSYNC will email your vendor a form that allows them to request payment by according to their preferences (limited to: check or ACH).
Optional: Track for 1099 - Check this box if you will produce a 1099 for this vendor at the end of the year. You must choose the type of 1099 and enter their EIN or SSN in time to produce the report.
Optional: Add a Contact by filling out informational fields.
6. When you are finished, click Add Vendor.