In NetSuite, when a customer makes an advance payment, the Accounts Receivable (A/R) account is not directly affected at the time of recording a Customer Deposit. Instead, the payment is recorded as a liability, because the payment is considered an obligation to deliver goods or services in the future. A/R only comes into play when… Continue reading Working of Customer Deposit application with GL Impacts
Tag: deposit application
Auto generation of deposit application
In NetSuite, deposit applications are auto-generated in specific scenarios, typically when a customer deposit and the corresponding invoice are processed. Here’s a general outline of how this might occur: Customer Deposit Creation: A customer deposit is recorded in NetSuite, either manually or via an import (like through CSV or SOAP Web Services). This deposit is… Continue reading Auto generation of deposit application
Bulk Apply Deposit Application
There are two ways you can apply Customer Deposits to Invoices: Go to Transactions > Customers > Record Customer Deposits > List (Administrator), or Go to Transactions > Customers > Accept Customer Payments > List (Administrator). Both of this options only allows you to apply Customer Deposits to Invoices on a per Customer basis, and… Continue reading Bulk Apply Deposit Application
Saved search to list invoices with multiple deposit application
Requirement Create a saved search to list all invoices details for which the number of deposit application is more than one. Solution Create a invoice type saved search with the following criteria: Standard : Type: Invocie Applying Transaction Type: Deposit Application Summary: Applying transaction count greater than One. Results : Add necessary fields and Count… Continue reading Saved search to list invoices with multiple deposit application