In NetSuite, we can work with vendor prepayments in two different ways: The vendor prepayment is associated with a purchase order. We can associate one or more vendor prepayments with a purchase order for the same vendor. When the vendor prepayment and the purchase are associated, you can configure NetSuite to automatically apply the vendor… Continue reading Recording Vendor Prepayments
Tag: Vendor prepayment
Exchange Rate Fluctuations on Advanced payment applied Vendor Bills
The difference in exchange rate may cause difference in amount in vendor prepayment and vendor bill. Suppose if the vendor has multiple currencies and the price of the Item is $2500. On creating the PO, the exchange rate was 3.75. But when applying a vendor prepayment having exchange rate 3.73, the amount difference is around… Continue reading Exchange Rate Fluctuations on Advanced payment applied Vendor Bills
At the time of Prepayment, there should be an option to deduct TDS
Requirement: Cashgrail needs TDS calculation in vendor prepayments. Check how we can use TDS calculations in the vendor prepayment, as per India localization suit tax. Solution: The standard TDS Calculation does not support Bill Credit and Vendor Prepayment. Custom Solution: For a Vendor Prepayment, add a new transaction field called “TDS Calculation” to confirm the… Continue reading At the time of Prepayment, there should be an option to deduct TDS
Vendor Prepayment Date
When applying the prepayment to the Vendor purchase/order, what is the date I must select (does it matter any date or will it affect our accounts reconciliation? in the vendor prepayment, the date field shows today’s date by default. This date represents the posting date of this transaction. We can edit the date as per… Continue reading Vendor Prepayment Date
Configuring Vendor Prepayments With Auto-Apply
The Auto-Apply accounting preference is enabled by default, affecting all the prepaymenttransactions that meet the Auto-Apply conditions. If you want to apply the prepayments alwaysmanually, you must disable the Auto-Apply preference.To configure vendor prepayments with Auto-Apply: Go to Setup > Accounting > Preferences > Accounting Preferences. Under the Accounts Payable section, configure the Auto-Apply Vendor… Continue reading Configuring Vendor Prepayments With Auto-Apply
Configuring a Default Vendor Prepayment Account
Vendor prepayment accounts can be configured in 2 ways Company Level Subsidiary level This is the account that NetSuite selects by default when entering a new vendor prepayment transaction. To configure the default vendor prepayment account at the company level: Go to Setup > Accounting > Preferences > Accounting Preferences. Under the Accounts Payable section,… Continue reading Configuring a Default Vendor Prepayment Account
Vendor Prepayment Approvals
To set the preferences for vendor prepayment approvals: Go to Setup > Accounting > Preferences > Accounting Preferences. Under the Approval Routing section, check the Vendor Prepayments box. Click Save. Go to Setup > Users/Roles > Manage Roles. Click Edit or Customize next to the role you want to add the Vendor PrepaymentApproval permission to.… Continue reading Vendor Prepayment Approvals
User Event Script To Split Vendor Prepayment In Vendor Prepayment Application Record
User Event Script To Split Vendor Prepayment In Vendor Prepayment Application Record
How to Configure Vendor Prepayments with Auto-Apply
Configuring Vendor Prepayments with Auto-Apply
The account used in vendor Prepayment
The Vendor Prepayments feature records and tracks deposit amounts paid to vendors before they accept purchase orders for a good or service. You can apply these prepayment amounts against open bills for the vendor. Vendor Prepayments enables you to record and track multiple prepayments and prepayment applications for your vendors. After you make a prepayment… Continue reading The account used in vendor Prepayment