Property Management Software
FAQ > Managing Vendors
1. What is the vendor page for?
The vendor page allows you to manage your vendor information. You would use it if for example you had a vendor that you wanted to track in terms of how much you have paid or owe this vendor across all the properties where you do business.
The vendor page will allow you to manage vendor-related information such as:
You can access this page by clicking on the 'Vendors' link at the top of the page.
2. Do I have to use the vendor page?
No, this is entirely optional. However, it is very useful for property managers who have multiple vendors for each property. The Vendor page helps property managers keep track of vendor payments for each property. It's also useful if you need to generate a 1099 for a vendor.
3. How can I add vendor information in TReXGlobal.com Property Management Software?
Property managers can add multiple vendors for each property. To add vendor information for each vendor, do the following:
1. Go to the vendor page by clicking on the 'Vendors' link at the top of the page.
2. You will arrive at the Vendor Center page.
3. Click on the 'Add Vendor' link to add new vendor information.
4. You will arrive at the 'add vendor details' page. Enter all the vendor information and click the 'Save' button.
5. You will arrive at the 'vendor center' page again. Here you can see the newly added vendor informationS.
4. How is a Vendor's opening balance recorded?
The property manager records a vendor opening balance in TReXGlobal.com Property Management Software if they owe some pending balance to vendors from their last expense transaction.
Here are the steps to record vendor opening balance:
1. Go to vendor center by clicking on the 'Vendors' tab at the top of the page.
2. Hover over 'Take Actions' for the corresponding vendor's row and click 'Record Vendor Opening Balance' from the dropdown list.
3. Record vendor opening balance popup appears.
4. Enter the vendor opening balance amount in the amount field and select the date to record the vendor opening balance.
5. Click the 'Save' button.
6. Vendor opening balance has been recorded in vendor balance history page for the corresponding month.
5. How can I generate a list of all my vendors and their contact information?
TReXGlobal.com Property Management Software allows you to generate a report with a list of all your vendors and their contact information. To do this:
1. Go to the 'Reports' page.
2. Scroll down to the 'Vendors' section on the page, expand the 'Vendor Contact Report' section and click on the 'Generate' button. The generated report will show you a list of all your vendors and their contact information.
6. I pay my vendors at the same time that I input my expenses into TReXGlobal.com Property Management Software, do you handle that?
Yes, and there are two ways to handle these 'vendor payments' in TReXGlobal.com Property Management Software:
1. The first way is: When you enter an expense on the worksheet, you can record the vendor payment at the same time, by checking the 'vendor payment done' checkbox in the 'record expense' popup.
For example, let's say you paid $200.00 on July 1st to 'David Johnson' for doing some repairs on your property. So on the Worksheet, you record this $200.00 as an expense for your Handyman row and click the 'Specify Date/Edit Details' button next to amount field.
You can then record this $200.00 as already paid to the vendor by selecting 'Vendor Payment done' under the details section as shown below:
Click the 'Save' button.
2. The second way is: you can enter the expense and vendor payment at the same time on the vendor page.
For example, if the vendor did a job for $200.00, you would do the following to record the $200.00 as an expense and vendor payment at the same time:
2.1 Go to the Vendor page by clicking on the 'Vendors' tab at the top of the page.
2.2 Hover over 'Take Actions' for the corresponding vendor's row and click the 'Record Vendor Payment' option from the dropdown list.
2.3 This will bring up the 'Multiple Vendor Payments' page that allows you to enter the vendor payment. You can now enter the vendor payment of $200.00, with the correct date, and click the 'Multiple Vendor Payments' button.
2.4 The above Vendor payment will show up in the Vendor Balance History page.
7. How do I know how much I owe to each vendor?
Property managers should map all related expenses to the corresponding vendors; then to see the vendor payment balance you should do the following:
1. Go to the Vendor page by clicking on the 'Vendors' tab at the top of the page.
2. Click on the 'View Vendor Balance History' link.
3. Select the vendor name from the dropdown list to see the vendor balance history.
4. Expand the 'Expenses' row by clicking on 'Expenses' in the vendor balance history table; then click on the amount field to see the expense transaction details.
8. How do I map my existing expense transactions to a vendor I just added?
When you add a new vendor in TReXGlobal.com Property Management Software, it allows you to map any existing unmapped expense transactions on your worksheet to the vendor. You can do so while adding a vendor or editing an existing vendor.
1. Go to the Vendor page by clicking on 'Vendors' link at the top of the page.
2. Locate the vendor from the existing list and click on 'Edit Vendor Details', under the 'Take Actions' dropdown for the vendor's row. Or add a new vendor to map existing expense transactions to a vendor.
3. On the Add/Edit Vendor Detail page, click on "Map vendor to expense row" link. This will expand the section showing all existing expense rows for all your properties on the worksheet.
4. Select the row you want to map to the vendor by selecting the checkbox. If a name already exists instead of a checkbox, it indicates another vendor is already mapped to the row.
Click the 'Save' button when you are done mapping.
9. How can I generate Vendor Balance Reports?
TReXGlobal.com gives you access to 'Vendor Balance Reports' for all your vendors. These reports have the following key information:
You can print the 'Vendor Balance Report' for individual, or all, vendors. You can generate a Vendor Balance Report from the Reports page:
1. Go to the reports page by clicking on the 'Reports' link at the top of the page.
2. Scroll down to the 'Vendors' section. Expand 'Vendor Balance Report' and select the Vendor name you want to generate the report for. If you select 'All Vendors', then the report will be generated for all your vendors.
3. The Vendor Balance Report will be shown in a separate window or tab, as follows: