Setting up a New Vendor for the Management Module
Setting up a New Vendor for the Management Module
Vendors created in CINC Accounting are part of a global list of vendors for ALL associations.
To create a new vendor:
Select Vendors > Vendors. If you are using universal navigation, click Payables > Vendors > Vendor List.
Click New.
On the Vendor screen, enter the information in each section outlined below.
Click Save.
Basic Vendor Information
Name (required): Name of the management company.
Status (required): Select the status setup on the System > Dropdown Options screen. If you are using universal navigation, click Settings > General > Drop Down Options.
Type: Management Company.
Print 1099: Enter either None, MISC, or NEC.
DBA (Doing business as): Enter if the vendor is known by another name. This name can also be used when searching for a vendor.
1099 Box 10: Enable if the vendor is a 1099 attorney.
Tax ID: Enter the tax ID. This is required if the Print 1099 field is MISC or NEC.
Consolidated Checks: Enable if any invoices posted for payment to this vendor for the same association and the same date will be combined into one check. Details of each invoice (invoice number, date, item description-expense GL, amount for each invoice on a consolidated check) included in the payment will be shown on the check stub.
Default Pmt Method: Select the default payment method for the vendor. Set up on the System > Company Profile/ Setting screen. If you are using universal navigation, click Settings > General > Company Profile.
Ind. Contractor: Enable to indicate if the vendor is an independent contractor. This is used for the California DE 542 report.
Check Name: (Optional) If different than legal name, enter what name should be printed on the vendor's checks.
Auto Apry Lmt: If needed, enter a dollar amount limit. Checks under this limit will not require an approval. Any invoice over the amount entered will require approval.
Net Term (days): Enter the net term days used for the vendor when an invoice is entered into the system.
Exempt-Vend Mgmt: Not currently used.
User Defined Fields: These fields are used to store additional information and are configured on the System > User Defined Fields screen. If you are using universal navigation, click Settings > General > User Defined Fields.
Areas Serviced
The Areas Serviced section is not applicable for a management company vendor.
ACH Information
In order to pay a vendor by ACH, the association making payment to the vendor must be banking with a partner bank that has the proper settings enabled. CINC recommends paying the management company by ACH to streamline the payment process and eliminate the need to print physical checks for each association.
Routing: Enter the routing number for the management company's bank.
Account: Enter the management company's bank account number.
Type: Select the bank account type (business or individual).
Notification Email: Enter management company's email address to which CINC will send an email when payment is deposited into the vendor's bank account. This is not notification of deposit.
Primary Contact Information
The address entered in this section will be the address used on checks printed to this management company.
Contact Name: Enter the primary contact's name at the management company.
Title: Enter the primary contact's title at the management company.
Address 1: Enter the management company's street address.
Address 2: Enter the management company's secondary street address.
City: Management company’s city.
State: Management company’s state.
Zip Code: Management company’s zip code.
Phone: Management company’s phone number.
Fax: Management company’s fax number.
Cell: Management company’s cell phone number.
Email: Management company’s email address.
Comments
Insurance Information
Insurance information is accessed by clicking the Insurance Info tab. Examples of types of insurance information include Workers Comp, General Liability, Directors & Officers, etc. created under System > Drop Down Options. If you are using universal navigation, click Settings > General > Drop Down Options.
Required: Enable if the insurance Type if required.
Carrier: Enter the insurance carrier's name.
Account: Enter the policy or account number.
Expiration: Enter the policy expiration date. An alert may be turned on to notify CINC users of an upcoming insurance expiration and/or an email notification may be set up on the System > Company Profile, Settings tab. If you are using universal navigation, click Settings > General > Company Profile (Settings tab).
Insurance Attachments: Attach policy documents as needed.
License Info
License information is accessed by clicking the License Info tab.
Required: Enable if the license Type is required.
Description: Enter the name of the license/carrier.
License #: Enter the license number/identifier.
Expires: Enter the license expiration date. An alert may be turned on to notify CINC users of an upcoming insurance expiration on the System > Company Profile, Settings tab. If you are using universal navigation, click Settings > General > Company Profile (Settings tab).
License Attachments: Attach license documents as needed.
NOTE: To set up email templates available for Vendor Insurance statuses, see Setting up Vendor Templates.
Once the new vendor information is saved, additional tabs will be available on the vendor profile at the bottom of the screen:
Contacts: Additional contacts may be added to the vendor profile to record contacts for billing, etc.
Accounts: Not applicable.
Prior 1099: Vendor balances paid outside of CINC with a prior software company for the association or vendor during the fiscal year may be added to this screen to include the amounts on the vendor’s 1099. This information may also be added from the Association Information – 1099 tab.
Payment Method: Preferred payment methods (ACH or check) per association may be selected for the vendor. This tab is only available for vendors for which ACH information has been entered. Management company vendor should use either ACH or Check.
Notes: Vendor correspondence information may be saved on the Notes tab (see Adding Vendor Notes.
Misc: Used to create a field that does not exist in the system. Miscellaneous information regarding the vendor may be stored on the Miscellaneous tab in relation to the Misc Field Category dropdown options.
NOTE: See the System Administrator to determine who is responsible for setting up the Miscellaneous Information fields.