Introduction
Payees (except for homeowners getting refunds) should be set up as vendors for consistency, accuracy, and record-keeping. The vendor record contains important information such as legal name, payment method, unique remittance address, tax ID, and vendor type (e.g., Attorney).
Additional information such as insurance allows you to set up alerts for expiry notifications.
Vendor functions include 1099 record keeping, alerts for insurance certificate expiration, check consolidation, vendor history, and attaching a physical copy of the insurance policy.
Note: Search first before adding a vendor! The system will not prevent entry of duplicate vendors. However, if a vendor has multiple remittance addresses (e.g., a utility company with many remittance addresses), a separate vendor record must be created for each unique remittance address.
Create each record with a unique name to indicate the specific payee/remittance address combination (e.g., Florida Power-Jacksonville, Florida Power-Tampa, etc.).
To search the vendor list for an existing entry, select Vendors > Vendors, then type search criteria in the filter to narrow the list. If you are using universal navigation, click Payables > Vendors > Vendor List.
Vendors can be used by any association (global).