Firm vendor definition

Alerts and notices

When you add a new client record, the application automatically creates a "firm vendor" for that client using the name and address information of your accounting firm as it appears in the Setup > Firm Information > Firm screen (which is populated directly from your application license). Use this firm vendor to create liabilities to the firm for the client, based on the client's selected billing items.

You cannot delete the firm vendor nor make it inactive, and you cannot modify its vendor type (Firm), which is automatically set by the application in the Main tab of the Setup > Vendors screen.

The firm cannot receive 1099 forms using the firm vendor record that's automatically created for the client, because you cannot change the vendor type to 1099 Recipient nor make the vendor inactive.

If the client is required to send a 1099 form to the firm (if the firm is a partnership, for example), you will need to set up separate vendor for this purpose. It may be helpful to add FirmBilling or BillingOnly to the new vendor ID to differentiate between the two firm vendor records.

See also

Funding firm vendor transactions

Setting up firm impound bank accounts

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