Tag: Deposit

How to Change the Customer on the Deposit to Match the Sales Order ?

REQUIREMENT We have a case where : A sales order was entered for customer A. A deposit was created from the sales order. The customer on the sales order was changed from A to B. The deposit it still with customer A. I tried to edit the deposit but it’s not possible to change the… Continue reading How to Change the Customer on the Deposit to Match the Sales Order ?

Deposit and customer deposit

In NetSuite, the terms “customer deposit” and “deposit” refer to different concepts related to financial transactions: Customer Deposit: This refers to an advance payment made by a customer for goods or services that will be delivered in the future. It is recorded as a liability on the balance sheet until the goods or services are… Continue reading Deposit and customer deposit

Issue Refunds for Customer Deposits

To refund a deposit, complete the following steps: Go to Transactions > Customers > Issue Customer Refund (Administrator). On the Customer Refund form, select the customer you want to issue a refund to. If you use the Multiple Currencies feature, select the currency of the deposit you want to refund. Selecting a currency filters the deposits available on… Continue reading Issue Refunds for Customer Deposits

How to know if a Cash Refund originally posted to Un-deposited Funds has already been Deposited.

1.       Navigate to Transactions> Customers> Refund Cash Sale> List> View a specific Cash Refund that hasn’t been deposited. Notice a field “Create Check= No” 2.        Open Deposit transactions and view all the transactions included to check if the Cash Refund was included or 3.        Once a Cash Refund has been deposited, notice the ‘Create Check’ field, it will now read as “No  Deposit#”, which is… Continue reading How to know if a Cash Refund originally posted to Un-deposited Funds has already been Deposited.

PART 3.4 – Bank Transaction GL Impact

Bank deposits are when the payment received from the customer is deposited into a bank account. This will increase the bank’s funds and decrease the undeposited fund accounts. Writing checks occurs when businesses issue checks as payment for items they purchase or any type of payables. The GL impact will show a decrease in the amount of… Continue reading PART 3.4 – Bank Transaction GL Impact

Apply a Deposit to Multiple Customers’ Invoices.

When Accepting Customer Payments/Deposits and applying them to Invoices it is required to select one customer in the Customer field. So to be able to record a Deposit and Apply it to Different Customers Invoices first create a Journal Entry and then individually apply the Journals Entry to the individual Invoices.  Journal Entry: 1. Navigate to Transactions > Financial > Make Journal Entries 2. In the Line tab:… Continue reading Apply a Deposit to Multiple Customers’ Invoices.