Vendor History Not Updating

[LindaW]

Howdy All
I rarely process checks anymore.
I've added most of our vendors as payees online with our bank.
So I pay them as needed and then use Fund Accounting and enter my EFT there.
Because of this process my vendor history does not get updated.
This is an issue when it comes to 1099s for instance.

Any thoughts

Thx and I hope you had a Merry Christmas

[NeilZ]

Howdy All
I rarely process checks anymore.
I've added most of our vendors as payees online with our bank.
So I pay them as needed and then use Fund Accounting and enter my EFT there.
Because of this process my vendor history does not get updated.
This is an issue when it comes to 1099s for instance.

Any thoughts

Thx and I hope you had a Merry Christmas

Well, to update Accounts Payable so you can run your 1099s, use Manual Checks. You're going to have to create one for every vendor you paid in 2013. Fill out the check, use the checking account and expense account as you would normally, and then enter EFT as the check number, then post to Accounts Payable ONLY. This will update Accounts Payable, and not send anything to Funds Accounting.

In 2014, do not enter your payments directly through Funds Accounting, use Accounts Payable and post to Funds Accounting. This gets your transaction to FA, and updates your vendor records so you won't have to worry about this next year.

[LindaW]

Yikes, your way gives me alot of work to do...LOL
Let's say I don't do it your way, do you foresee any other issues with the way I'm currently entering my EFTs?

And so what is the purpose of "repeat transactions" under fund accounting?
Am I using it incorrectly?

[NeilZ]

Yikes, your way gives me alot of work to do...LOL

Unfortunately, that's the only way to do this and keep up your vendor records.

Let's say I don't do it your way, do you foresee any other issues with the way I'm currently entering my EFTs?

Well, you really don't have any vendor audit trail except paper bills, and your online bank. And you have to manually add up all the payments so you can do the 1099s you need to do. Its really not that much more work in the future:

1. Enter Manual Check in AP
2. Post transactions to FA
2. Post transactions in FA

What you have is one more button click.

And so what is the purpose of "repeat transactions" under fund accounting?
Am I using it incorrectly?

The same purpose as repeating transactions in Accounts Payable. To eliminate your having to enter all that data over and over again. You can create repeating transactions for Manual Checks in AP.

For the most part, the Repeating Transactions in FA, should be used for regular non-contributions type of deposits (banking or investment interest, transfers between funds, etc), but the way you're doing it is OK, but you lose that vendor history.