Scenario
The scenario is like that the customer pays up the full amount to us but for us, the partial amount out of that total amount is an expense for us. it can be bank charges or any other expenses. I need the flexibility to have it posted to a specific expense account and that expense account may be different based on the type of expense in our project invoices.
I thought of using the discount taken in the line level and having it mapped its COA in the accounting preference to be a common account. but since the expense account varies I cannot use this.
Solution
The ability to expense a bank fee on the customer payment screen is still an existing enhancement in NetSuite.
Here are the enhancement details:
Enhancement 102645 Transactions > Accept Customer Payment : Ability to expense a bank fee on the customer payment screen.
Alternate Solution:
Options:
1. Use Bank Deposit
a. Invoice GL Impact
Debit: Accounts Receivable 100.00
Credit: Sales 100.00
b. Payment GL Impact
Debit: Undeposited Funds 100.00
Credit: Accounts Receivable 100.00
c. Transactions > Bank > Make Deposit.
— Use Cash Back Subtab.
— Enter the Account and the Amount.
— Mark the Payment for Deposit.
— Deposit GL Impact:
Debit: Cash 80.00
Debit: Bank Charges 20.00
Credit: Undeposited Funds 100.00
2. Use Journal Entry
a. Transactions > Financial > Enter Journal Entries.
— Journal Entry GL Impact:
Debit: Bank Charges 20.00
Credit: Cash 20.00
b. On the Invoice > Click Accept Payment.
— Select Invoice.
— Enter Full Amount.
— Payment GL Impact:
Debit: Cash 100.00
Credit: Accounts Receivable 100.00
3. Enter the charge during reconciliation
1. Go to Transactions > Reconcile Bank Statement. Click the Other Charge tab.
2. Enter the fee information, and click Add. Once you have reconciled your bank statement, click Save.