Accounting FAQs - Canada

Published 12/12/2018, 08:23 PM
Last Update 08/11/2023, 04:12 PM

Q. Is it mandatory to setup an account in the vendor portal?

A. No, technically it is not mandatory to set up an account in the portal. However, this is the only way vendors will be able to view accounting details and file claims.

Q. Does Best Buy pay taxes on goods before accrued programs are recognized or after?

A. BBY pays taxes on goods when invoiced. When BBY calculates accruals, it is on total product cost before taxes. Frequency for the accruals depends on the vendor program i.e. monthly, quarterly, etc.

Q. When orders are placed, do vendors invoice BBY each month for the orders?

A. Vendor can invoice whenever they want, as payment terms start on the date of shipment when product was shipped in Commerce Hub (ASN sent). The payment will be sent to vendor from the ship date, not date of invoice submission.

Q. Do vendors bill Best Buy tax based on province where products are shipped from?

A. Yes, tax needs to be based on where products are shipped from, not the customer’s address. This is because Best Buy takes ownership when the product leaves your warehouse.

Q. I’m on Browser for Commerce Hub. Are taxes automatically calculated?

A. No, vendors need to manually add the applicable taxes on each invoice.

Q. What is the reason for the difference between payment terms vs. the time taken to receive funds in the bank?

A. The reason is because:

  1. Cheque date is based on receipt date and not invoice date
  2. Float of 6 days: BBY’s standard time for payments. Payments cannot settle on weekends, so payment settles on the next business day.

Q. What is the process the vendor needs to follow to update the bank account deposit details?

A. Vendor must log into the Convera system and submit a change request, providing the updated banking information. If vendor has questions, they may call Convera's customer service team at 1-800-815-2460 (select option 2) or email: