A credit memo decreases the amount a customer owes you. You can use a credit memo to reverse a charge billed to a customer. For example, last week you billed Maple Street School for 10 keyboards at $20 each. Upon realizing they had one keyboard too many, the school returned the extra keyboard. When the… Continue reading Credit Memo GL Impact
Author: Salini R
Stand Alone Credit Memo
If you return an item and create a standalone credit memo rather than a return authorization, the quantity is added back to inventory. However, the value of the item is not credited to the Cost of Goods Sold (COGS) account of the item. Issuing a standalone credit memo for a return can result in inaccurate… Continue reading Stand Alone Credit Memo
Apply a Credit Memo on the Credit Transaction
Go to Transactions > Customers > Issue Credit Memos > List (Administrator). Click Edit next to the memo you want to apply. On the Items subtab, check the Auto Apply box next to the Unapplied field if you want NetSuite to apply the credit amount to the oldest invoices or cash sales due. Click the Apply subtab to apply the credit toward a specific… Continue reading Apply a Credit Memo on the Credit Transaction
Points to be noted while updating Journal Entries
Consider the following points when updating the approved Journal Entries (JEs) in NetSuite: If you update a JE that was previously applied to a transaction (such as a Bill or Invoice), the JE will become unapplied from that transaction after the update. Similarly, any reconciled JE will become unreconciled if you make any modifications to… Continue reading Points to be noted while updating Journal Entries
Edit multiple Revenue plans simultaneously
Go to Revenue > Revenue Recognition Plans > Bulk Edit Revenue Plans to open the Edit Revenue Recognition Plans page. If necessary, select Individual Plan Update in the Plan Update Option field.When you select a different Plan Update Option, you must confirm that you want to leave the page. Click Leave Page. Use the filters at the top of the page to… Continue reading Edit multiple Revenue plans simultaneously
To view a revenue recognition plan
Go to Revenue > Revenue Recognition Plans > View Revenue Plans. Click View next to a revenue plan. You can also view revenue plans for a specific revenue arrangement or element. After revenue plans are created, individual revenue arrangements include a View Revenue Plans button. The button opens a popup window with a list of revenue plans for… Continue reading To view a revenue recognition plan
Updating Revenue Recognition Plans
Revenue recognition plans can be updated automatically or manually depending on the setting of the accounting preference Revenue Plan Update Frequency. When you select the automatic option, NetSuite updates revenue plans every 3 hours to incorporate changes to transactions and revenue arrangements that affect revenue plans. When revenue recognition plans are updated automatically, administrator permissions are… Continue reading Updating Revenue Recognition Plans
Setting Up Electronic Bank Payments
Prerequisites Make sure you verify the following prerequisites before you install and use Electronic Bank Payments SuiteApp: If you are using the Electronic Bank Payments to send payments to vendors, employees, and customers (refunds) and receive payments from customers across the different supported countries: You must have an active Advanced Electronic Bank Payments License. To… Continue reading Setting Up Electronic Bank Payments
Create Vendor Exemption tax rate rule
Go to Setup > India Localization > TDS Tax Rate Rules. Click the Vendor Exemption subtab. Click New Vendor Exemption. In the Vendor Name field, select the vendor for this rule. In the Section Code field, select the section code for this rule. In the Particulars field, select the reason for tax exemption for this vendor. In the Certificate Number field, enter the TDS certificate number… Continue reading Create Vendor Exemption tax rate rule
Create TDS tax rate rules
Go to Setup > India Localization > TDS Tax Rate Rules. Click the Tax Deduction at Source subtab. Click New Tax Deduction at Source. Enter a unique name for the TDS tax rule. In the Section Code field, select the section code that applies to the rule. In the Vendor Type field, select the vendor type for this rule. In the Effective From field,… Continue reading Create TDS tax rate rules