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
Category: NS Financials
NS Financials
Vendor Payments
Enter vendor payments to record when you pay a vendor bill. The payment records the payment date and the amount paid. By tracking payments you make to vendors, you know how much money you owe to specific vendors When you record a vendor payment, the payment posts to the journal accounts affected by the payment.… Continue reading Vendor Payments
Change in Posting Period While Saving Journal Entries
Issue: When a date is chosen in the transaction date field, the associated posting period is automatically set in the Posting period field. However, an anomaly occurred on 31st December 2023. In Editable mode, the posting period is initially set as Adj Dec 2022, but upon saving the transaction, it mysteriously changes to the current… Continue reading Change in Posting Period While Saving Journal Entries
Consolidated Exchange Rates
This article summarizes about consolidated exchange rates in NetSuite.
What is input tax credit
What is input credit? Input credit means at the time of paying tax on output, you can reduce the tax you have already paid on inputs. Say, you are a manufacturer – tax payable on output (FINAL PRODUCT) is Rs 450 tax paid on input (PURCHASES) is Rs 300 You can claim INPUT CREDIT of… Continue reading What is input tax credit
Realized Exchange Rate Gains and Losses Report
This article summarizes about realized exchange rate gain and loss report.
Currency Revaluation – Rounding Gain/Loss
This article summarizes about the rounding gain or loss currency revaluation transaction and how it is created in NetSuite.
Comparative Trial Balance Report
Client requested for a comparative trail balance report similar to comparative balance sheet report Solution: Navigate to Reports > Financial > Trial Balance > Customize Select the Debit /Credit column Click Remove Column Add Fields: Expand Trial Balance Click Amount Alternate Period Range Type: Select Relative to Report Date Cumulative Value: Enter Checkmark Alternate Period Range: Select the Last Fiscal Year Add Fields: Expand Trial Balance Select another Amount field Alternate Period Range Type: SelectRelative to Report Date Cumulative Value: Enter Checkmark Alternate… Continue reading Comparative Trial Balance Report
Foreign Currency Revaluation for Multiple Subsidiaries
This article summarizes the foreign currency revaluation on multiple subsidiaries.
Approving Customer Payments
Approving Customer Payments with Payment Holds Customer payments that are subject to a payment hold are initially saved with an “Unapproved Payment” status and will not be posted until they are reviewed and approved. To manage payments with payment holds, you can review the payment event details and decide on the appropriate action, which could… Continue reading Approving Customer Payments