Audience: Technical Resource, Key Stakeholders, Accounting Manager
Summary: Reviews the components of the Vendor Profile, which is one of the key elements of your AP Automation experience.
This article contains:
- What is the Vendor Profile?
- General Vendor Information (aka Vendor Details)
- Vendor Payment Preferences
- Vendor Default Invoice Preferences
What is the Vendor Profile?
For a vendor to get into MineralTree, they have to be created in your accounting package. When they do, they receive their own vendor profile in MineralTree when the information syncs over. The Vendor Profile is a critical piece in the automation of your AP because when an invoice goes through capture or is manually created, it attempts to link the invoice to an existing Vendor Profile in MineralTree. The settings on this profile are what determine how that invoice and payment are automated.
There are three major components to the Vendor Profile: Vendor Details, which includes information on the vendor that typically comes over from your ERP including address, phone number, and contact information. The Payment Preferences section is where you can set any default payment methods and accounts, and other various payment preferences. The Invoice Preferences section is where you’ll set your coding preferences. These are the preferences that will pull into your invoice during the capture process in addition to any of the normal things on the invoice like invoice date, amount, etc.
You can navigate to any Vendor Profile by searching for them under the Search Tab.
General Vendor Information
When your vendor information syncs over to MineralTree, it includes your vendor's address and any contact information. The address information cross-references against an existing US Address database. If you have an international address or an address that isn't recognized, you will receive an address error as shown below. The address listed here is the address we will print on any checks you send to this vendor, so it is critical that the information be correct.
In order to pay a vendor, the address needs to be valid. Correct the address to clear the error. If the address is correct and you still receive an error, scroll down to the "Check" section and check the "Override Invalid Address Error" box and Save.
Vendor Payment Preferences
The payment preferences section is where you set your default payment method for a vendor. This is the “set it and forget it” piece for the payment method MineralTree will use by default for a particular vendor. You’ll always have an opportunity to change this on the fly during your payment run. You can choose your payment method here and the bank account it should draw from.
You can also set the specifics of the payment method by scrolling down to that specific payment method and setting them (e.g. ACH information). Those sections can be opened and closed using the carrot symbol on the right hand side as noted in the image below.
The Account number can be configured to appear on your remittance memos and check memos if configured by a MineralTree Administrator.
You can also enter a remittance email that will alert your vendor that a payment is on its way when a payment processes. You can learn more about the nuances of the remittance process here.
This is also where you can disable payment grouping for a specific vendor by checking the Disable Payment Grouping check box. You can learn more about payment grouping here.
If you want to apply discount terms (available for NetSuite, QuickBooks Desktop, Great Plains) then they can be automatically applied either globally or for a specific vendor as seen above. For more information on auto-application of discounts, reference this article.
Vendor Default Invoice Preferences
Default Invoice Preferences are what allow for your invoices to be automatically coded during Invoice Capture or creation. When the vendor name populates on an invoice either through invoice capture or manual creation, the coding information populated here pulls into the invoice automatically. The options in the drop-downs in this section come directly from your accounting system, so if you don't see an option you are looking for, make sure it exists in your ERP. Additionally, the dimensions (e.g. class, location, department) you have available to you are dependent on which ERP you have. For instance, some ERPs will say "Expense Account" and others will identify the same field as "GL Account."
You can also deviate from global capture defaults here. For instance, if your company default (per your contract) is to capture line level information, but you don't need that for every vendor, you can change the default to Header level on this page. Additionally if your global default is to capture Items, you can deviate from this for certain vendors to be expenses per the image below.
The terms you have listed here are your payment terms. If you are utilizing automatic discount application, (available for NetSuite, QuickBooks Desktop, Great Plains) then these are the terms that will determine how much of a discount is applied.
The default A/P account listed here pulls from the Company Profile in MineralTree. If you have more than one A/P Account, you can deviate from the global default here for your vendor. To change it globally, please reference this article.