In NetSuite, you can generate customer statements to provide your customers with a summary of their account activity, including invoices, payments, and other transactions. Here are the steps to create a customer statement in NetSuite:
- Log in to your NetSuite account using your credentials.
- Open the customer record.
- Click on generate statement under actions
- Enter the detail to get the statement
- You can print or email the statement
In a customer statement generated in accounting and financial systems like NetSuite, you will typically find information related to charges, payments, and the resulting balance for a specific customer account. These elements help provide a clear overview of the customer’s financial interactions with your business. Here’s what each of these components typically includes:
Charges: Charges on a customer statement represent the outstanding invoices, sales orders, or any other amounts that the customer owes to your company. These charges could include products or services that the customer has purchased but not yet paid for. Charges may also include fees or penalties for overdue payments or other agreed-upon charges.
Payments: Payments on a customer statement detail the payments received from the customer during the specified statement period. Payments can be in the form of cash, checks, credit card payments, wire transfers, or any other payment methods accepted by your business. Payments are subtracted from the total charges to calculate the customer’s outstanding balance.
Balance: The balance on a customer statement is a summary of the customer’s financial position at the end of the statement period. It is typically calculated as follows:
- Beginning Balance: The outstanding balance from the previous statement (if applicable).
- Total Charges: The sum of all new charges incurred by the customer during the statement period.
- Total Payments: The sum of all payments received from the customer during the statement period.
- Ending Balance: The ending balance is calculated as follows: Beginning Balance + Total Charges – Total Payments.
The ending balance represents the total amount the customer owes or is owed by your business at the end of the statement period. If the ending balance is positive, it indicates that the customer owes money to your company. If the ending balance is negative, it means that the customer has overpaid, and your company may owe them a refund or credit.