Add Vendors and Payees
Your Rentec Direct property management software also serves as a vendor management system expense tracking for accurate bookkeeping and reports as well as easy 1099 processing.
Adding Vendors and Payees
To take advantage of all the vendor features, you first will want to add those vendors and payees into the system with these instructions.
In your Rentec Direct account:
- Click Settings
- Under the People option choose Vendors & Payees
- Click the Add a Vendor button
- Enter the vendor's information.
Important Note: Very few fields are actually required; however, it is recommended for record-keeping to fill in all known fields. For instance: Entering an email address allows you to easily email work orders directly to the vendor and an email address is required to process Vendor ACH Payments and choosing a default Category is a time saver as it will auto-populate when a payment / expense is posted.
- If you will be paying your vendor using the Vendor ACH Payment software option, be sure to enter the vendors bank routing and account number in the Payment Info section.
Tip: You would get this information from the vendor, who can provide that to you from the banking information from the bottom of a check. Or, they can supply you with a voided check.
- Click the Save Changes when finished
Note: Repeat this same process for as many vendors as you may have associated with your properties.
After adding vendors and payees, you'll be able to select them from the Payee drop-down option when posting an expense to a property.
Tip: While you can assign a payee manually when you post an expenses without setting up vendors in the program, you'll save valuable time in editing and vendor management if you choose to add them using the instructions above.
For example: You'll need to have vendor details up-to-date in the software to take advantage of other vendor tools like processing 1099s (and other tax forms) from the Nelco Solutions connection or processing a Vendor ACH Payment. Adding those details in Settings sets you up for the best success.