Use this screen to automatically assign vendor IDs by the system and to establish default account descriptions for the Accounts Payable and Cash accounts.
Set up this screen when you initialize Costpoint.
Select this checkbox if you want the system to automatically assign vendor IDs. The system will increment the rightmost group of digits by one in assigning vendor IDs, i.e., if the last vendor ID is "9-0041" then the next assigned vendor ID will be "9-0042."
If you selected the Enable Auto-Assign checkbox, enter the last vendor ID in this field, up to 12 characters. You are not required to use all 12 characters available. When setting up this field, however, allow for the maximum number of vendors you expect to enter. If you expect to add 10,000 vendors to the system, the last vendor ID should contain at least five digits, such as "00000." If you did not select the Enable Auto-Assign checkbox, this field will be grayed out and will not be accessible.
Enter the A/P Account Description that should default into the Defaults subtask when a new vendor is set up in the Maintain Vendors screen. If you are using multiple A/P accounts, you can leave this field blank; however, the A/P field in the Accounts Description group box in the Defaults subtask will be blank. You must fill it in yourself when entering a new vendor.
Enter the Cash Account Description that should default into the Defaults subtask when a new vendor is set up in the Maintain Vendors screen. If you are using multiple cash accounts, you can leave this field blank; however, the Cash field in the Accounts Description group box in the Defaults subtask will be blank. You must fill it in yourself when entering a new vendor.
Select this checkbox to allow the Vendor ID entered during accounts payable vouchering to be different from the Vendor that will be paid. This allows you to process third-party payments. For example, some of your vendors may have "factored" their receivables, meaning they may have assigned their receivables to a bank. This is generally in exchange for payment from the bank first. The bank may then ask you to remit payment directly to them. If you select this checkbox, you can use the Maintain Vendors screen to restrict changes to the Pay Vendor ID during voucher entry. If you do not want to allow third-party payments, leave this checkbox unchecked. You may select or unselect this checkbox at any time. Once the checkbox has been changed, all new vendors created after the change will have the checkbox's new selection (either allowing or not allowing a third-party payment).
If you are using subcontractors in your business, they may be covered by insurance and/or bonds. Enter insurance and/or bonding coverage information in the Maintain Subcontractor Insurance screen or the Maintain Subcontractor Bonds screen in Costpoint Accounts Payable. Use the fields in this group box to determine if coverage was satisfactory. You can view the Subcontractor Information Report in Costpoint Accounts Payable to determine subcontractors' status. For more information on subcontractors, please see the Accounts Payable Special Topic AP-11, "Subcontractors." If your company does not use subcontractors, you can ignore this group box.
Select this radio button if you want the system to compare the insurance and/or bond coverage dates with the invoice date of the A/P voucher. If the subcontractor was not covered on the invoice date, a warning will display before payment of invoice is allowed. This is the default setting.
Select this radio button if you want the system to compare the insurance and/or bond coverage dates with the invoice period of performance. If the subcontractor was not covered during this period, a warning will display before payment of invoice is allowed.
Select this radio button if you want the system to compare the insurance and/or bond coverage dates with the date the A/P voucher is selected for payment. If the subcontractor is not covered on the A/P voucher selection date, a warning will display before payment of invoice is allowed.