Overview

This article outlines the steps to create, manage, and optimize suppliers in iVendNext. 

1. Introduction to Suppliers in iVendNext

Suppliers in iVendNext are entities—companies or individuals—that provide your business with products or services. The application allows you to manage supplier details, track transactions, and evaluate performance, all from a centralized platform. 

2. How to Create a Supplier

Creating a supplier in iVendNext is a straightforward process. Follow these steps to get started:

1. Navigate to the Supplier List: Go to Home > Buying > Supplier to access the Supplier List View.

2. Click on New: Click the "New" button to create a new supplier.

3. Enter Supplier Details:

• Name: Enter the name of the supplier.

• Supplier Group: Select the appropriate supplier group (e.g., Pharmaceutical, Hardware, etc.).

• Tax Details: Enter the supplier's tax identification number (Tax ID) and select the appropriate tax category.

• Payment Terms: Set default payment terms if applicable.

4. Save: Once all details are entered, click "Save" to create the supplier.

2.1 Default Fields and Auto-Population

iVendNext allows you to set default fields such as Default Bank Account, Default Payment Terms Template, and more. These fields will auto-populate in future transactions, saving time and reducing errors.

3. Key Features of Supplier Management

3.1 Tax Details

Tax management is a critical aspect of supplier management. In iVendNext, you can configure the following tax-related fields:

• Country: Specify the supplier's country for tax purposes.

• Tax ID: Enter the supplier's tax identification number.

• Tax Category: Link the supplier to a tax category, which determines the applicable tax rules.

• GST Category (for India): If operating in India, you can specify the GST category for the supplier.

3.2 Credit Limit and Payment Terms

iVendNext allows you to set credit limits for suppliers, ensuring that you do not exceed predefined financial boundaries. You can also configure payment terms to manage cash flow effectively.

• Block Supplier: You can block a supplier from creating invoices or receiving payments until a specific date.

• Default Payment Terms: Set default payment terms that will apply to all transactions with the supplier.

3.3 Default Payable Accounts

Each supplier can be linked to a default payable account. This account is used to track payments and invoices for the supplier. If you have multiple companies, you can set company-specific payable accounts for each supplier.

3.4 Address and Contacts

iVendNext allows you to store multiple addresses and contacts for each supplier. This feature is particularly useful for businesses dealing with large suppliers who may have multiple points of contact.

• Primary Contact: Set a primary contact that will auto-fetch in transactions.

• Multiple Addresses: Store different addresses for billing, shipping, and other purposes.

4. Advanced Supplier Management

4.1 Supplier Groups

Supplier groups allow you to categorize suppliers based on the type of goods or services they provide. For example, you can create groups for Pharmaceutical, Hardware, or Raw Material suppliers. This categorization simplifies accounting and payment processes.

• Parent Supplier Groups: You can create hierarchical supplier groups, making it easier to manage large numbers of suppliers.

• Default Payment Terms: Set default payment terms at the group level, which will apply to all suppliers in that group.

4.2 Supplier Scorecard

The Supplier Scorecard feature in iVendNext allows you to evaluate supplier performance over time. You can track metrics such as delivery timeliness, item quality, and responsiveness. This data is invaluable for making informed purchasing decisions.

• Evaluation Period: Set weekly, monthly, or yearly evaluation periods.

• Custom Criteria: Define custom evaluation criteria and weights to match your business needs.