Section 2 – Set up Vendors Accounts Payable Section 2 – Set up Vendors

Now that we have a better understanding of how Prism’s Chart of Accounts looks like, it’s time to learn how to set up vendors in M3. Log on to M3 at: http://access/m3as.com You should have already received a log-in and password from your trainer. If not, please contact Julia Howard at the home office for assistance.

Once logged in, choose the deepest level of your property Once logged in, choose the deepest level of your property. Also called the “Property” level.

When processing accounts payable, ALWAYS ensure you are at “Property” level, not “Company” level. *”Property” level will always have “#” next to the property name Any accounts payables being processed at “Company” level cannot be seen nor processed by home office.

Choose the “Accounts Payable” Module on the left hand side

Again, make sure you are at the “Property” level.

The bottom portion of the screen lists all vendors already setup for your property.

You can scroll this side bar up and down to see more vendors.

The blue line represents the vendor that you choose The blue line represents the vendor that you choose. Vendor information is now displaying at the top portion of your screen.

There are 4 tabs for each vendor. We will only use the first 3 tabs There are 4 tabs for each vendor. We will only use the first 3 tabs. We do not use the last tab.

Before entering the Vendor information a W9 must be presented on file

To set up a vendor, make sure you are at the “Vendor” tab, then click “New”.

Use the first 3-digits of vendor’s name + 001 to create the Vendor#. E Use the first 3-digits of vendor’s name + 001 to create the Vendor#. E.g. “Elite dry Cleaner” will be “ELI-001”. Skip the word “A”, “An”, & “The”. Example The Eric Ryan would be “ERI-001” not “THE-001”.

While setting up, verify at the bottom of the screen to make sure the vendor has not already been set up. That’s the best way to prevent setting up duplicate vendors. Moreover, if you see that vendor number “ELI-001” is already taken, then the vendor# for new vendor “ELITE GOURMENT DESSERTS ” will be “ELI-002”; so forth and so on. M3 does not have a feature to catch duplicate vendor numbers.

The below example shows us just that.

Recommendation: If you have more than one account with a vendor, we recommend you to set up separate vendors in M3.

Company name is the vendor you want the checks payable to Company name is the vendor you want the checks payable to. Use the exact wording on the vendor’s invoice.

Address is where you want the checks to be sent Address is where you want the checks to be sent. Beware that the remittance address can be different than the invoice address.

If a vendor provides only one type of goods or services, you are recommended to set up it’s default GL code here.

Once the default GL code is set up, the system will code all invoices to such GL code every time you enter an invoice for that vendor. You still have a chance to modify the GL code. E.g., you purchase another type of goods or services from that vendor. Therefore, you need to code the invoice to the correct GL code.

Terms: By entering this it tells the corporate accountant how soon you need payments to be issued.

Most invoices have term dates on them. If not, try comparing between invoice and due date. For invoices without any term date, you will assume terms as “invoice +30”. For invoices stating “Due on Receipt”, enter terms as “invoice +7”. For expense reports and petty cash, enter terms as “invoice +1”.

The description field is the only information being printed on checks stubs. Enter the account number that the vendor assigned you here.

“Contact” Tab- Please provide a phone number and either a fax number or email address, one MUST be provided

You are required to collect 1099 (FIN or SSN number) from most You are required to collect 1099 (FIN or SSN number) from most* of your vendors. You can download the W-9 form (to be forwarded to your vendors) at http://www.irs.gov/

If the Vendor is a 1099 recipient change this box from “none” to “1099 Misc” and leave the other box as “7”. More information on 1099 exception vendors on next page. Proceed with completing vendor’s FIN or SSN number.

You do not need to collect 1099 information if the Vendor classification is from the following types: Incorporated Non-profit organization Guest Refund Utilities Expense Report Financial Management Government Agency If one of these categories please reference so in the Notes section of the Vendor Contact information

If the Vendor falls into one of these categories, complete the reason in the “Notes” field and leave the “1099” Tax information box as “None” You may leave the Tax ID as 99-999999.

For expense reports, do not put in the employee’s SS#. M-3 will not allow you to complete the set up process without vendor’s 1099 information. A copy of the 1099 should be scanned with the 1st invoice. If you have any questions here please contact Kacey Harrist at the corporate office.

Completed W-9 forms shall be scanned to Trushare under the Accounts Payable tab. Name the pdf file as “XXX W9 (vendor name) YYYY-MM” XXX is your property code; YYYY-MM is the year and month you created this vendor at M3.

You should have already received a Log-in for Prism’s file sharing web site- TrueShare. If not, please contact Meagan Ray at the corporate for assistance.