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In this tutorial, viewers learn how to manage vendor payments, set reminders for new payments, and edit existing payment reminders. The presenter demonstrates adding a new payment for a vendor named Ashley, detailing a deposit of $500 already paid, with an upcoming payment of $1,000 due next year, and a final payment of $500 due just before the wedding. After saving the entries, users can access the dropdown menu to view payment details, including the amount already paid and the total invoice of $2,000. This process helps keep track of vendor payment schedules efficiently.