There is a scenario like we may need to pay the excess amount to a vendor after the creation of the bill. This may come because we are rounding off that amount and paying the bill.
For eg. The bill amount is 4,206.56 rs. and we are paying the rounded off amount 4,207 rs. Here we are paying 0.44 paise extra.
NetSuite will not allow paying a higher amount but we can pay a lesser amount.
To record this transaction we need to put journal and that journal we can apply to the payment.
Steps:
- Create a journal by crediting Accounts Payable and debiting an expense account.
Expense Dr xxx
Accounts payable Cr xxx
2. The amount used in the journal should be the rounding off the figure (in this example the amount we have given is 0.44)
3. In the journal line, put the vendor name in the ‘Name’ field.
4. After saving the journals. Go to the payment record.
5. In the payment record, select the vendor and all other details.
6. Now you can see the bills and the journal we have created for this vendor.
7. Under the ‘Apply’ tab check the bill you want to pay the higher amount along with the journal. Now the system will create the payment record with the higher amount.