Wednesday, April 29, 2015

How To Create Vendor Prepayments In NetSuite

To create a vendor prepayment in NetSuite, there is a 3-step process.
1. Create a holding account. The holding account tracks the funds until they are applied to a vendor bill.
2. Write a check. The check moves funds into the holding account and out of the checking out. Then, the funds are not available in the checking account for other payments.
3. Enter a vendor credit. The vendor credit is used to apply the funds to the vendor bill when the bill is entered.

Writing the check and entering the vendor credit enables the following:
· Gives you the ability to pay the vendor in advance.
· Washes your holding account so the resulting balance is zero.
· Lists an outstanding vendor credit on the vendor's account.

Once you receive the bill from the vendor, you can apply this credit to it.

The video tutorial will provide you show you how to create a holding account, write a check, and enter a vendor credit. 

Click the video to learn how.

Stay tuned for more NetSuite Tips and Tricks,


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