Scenario: When clicking the Apply button on the Vendor Prepayment, there’s no Bills showing even though we have Open Bills for the same Vendor. Findings: Check and confirm the following aspects of vendor prepayment: Is the subsidiary and currency of the vendor prepayment the same as that of the open bills? Bills available for application… Continue reading No bills shown in Vendor prepayment application
Tag: Vendor prepayment
Open Bills not showing in vendor prepayment application
Things to confirm to identify why open bills are not showing for vendor prepayment application: Is the subsidiary and currency of the vendor prepayment the same as that of the open bills? Bills available for application must have the same payee, subsidiary, and currency as the initial vendor prepayment. Is the vendor Prepayment in the… Continue reading Open Bills not showing in vendor prepayment application
Vendor Prepayment Saved search
var vendorprepaymentSearchObj = search.create({ type: “vendorprepayment”, settings:[{“name”:”consolidationtype”,”value”:”ACCTTYPE”}], filters: [ [“type”,”anyof”,”VPrep”] ], columns: [ search.createColumn({ name: “formulahtml”, summary: “MAX”, formula: “‘<a href=”/app/accounting/transactions//vprep.nl?id=’||{internalid}||’” target=”_blank”>View</a>’”, label: “View” }), search.createColumn({ name: “trandate”, summary: “GROUP”, label: “Date” }), search.createColumn({ name: “transactionnumber”, summary: “GROUP”, label: “ID” }), search.createColumn({ name: “subsidiarynohierarchy”, summary: “GROUP”, label: “Subsidiary” }), search.createColumn({ name: “classnohierarchy”, summary: “GROUP”, label:… Continue reading Vendor Prepayment Saved search
Configuring a Default Vendor Prepayment Account
To work with Vendor Prepayments, you must configure a default vendor prepayment account. This can be a new or existing account that is an Other Current Asset type. This is the account that NetSuite selects by default when entering a new vendor prepayment transaction. You can configure the vendor prepayment account at the company level.… Continue reading Configuring a Default Vendor Prepayment Account
Recording Vendor Prepayments
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
Exchange Rate Fluctuations on Advanced payment applied Vendor Bills
The difference in exchange rate may cause difference in amount in vendor prepayment and vendor bill. Suppose if the vendor has multiple currencies and the price of the Item is $2500. On creating the PO, the exchange rate was 3.75. But when applying a vendor prepayment having exchange rate 3.73, the amount difference is around… Continue reading Exchange Rate Fluctuations on Advanced payment applied Vendor Bills
At the time of Prepayment, there should be an option to deduct TDS
Requirement: Cashgrail needs TDS calculation in vendor prepayments. Check how we can use TDS calculations in the vendor prepayment, as per India localization suit tax. Solution: The standard TDS Calculation does not support Bill Credit and Vendor Prepayment. Custom Solution: For a Vendor Prepayment, add a new transaction field called “TDS Calculation” to confirm the… Continue reading At the time of Prepayment, there should be an option to deduct TDS
Vendor Prepayment Date
When applying the prepayment to the Vendor purchase/order, what is the date I must select (does it matter any date or will it affect our accounts reconciliation? in the vendor prepayment, the date field shows today’s date by default. This date represents the posting date of this transaction. We can edit the date as per… Continue reading Vendor Prepayment Date
Configuring Vendor Prepayments With Auto-Apply
The Auto-Apply accounting preference is enabled by default, affecting all the prepaymenttransactions that meet the Auto-Apply conditions. If you want to apply the prepayments alwaysmanually, you must disable the Auto-Apply preference.To configure vendor prepayments with Auto-Apply: Go to Setup > Accounting > Preferences > Accounting Preferences. Under the Accounts Payable section, configure the Auto-Apply Vendor… Continue reading Configuring Vendor Prepayments With Auto-Apply
Configuring a Default Vendor Prepayment Account
Vendor prepayment accounts can be configured in 2 ways Company Level Subsidiary level This is the account that NetSuite selects by default when entering a new vendor prepayment transaction. To configure the default vendor prepayment account at the company level: Go to Setup > Accounting > Preferences > Accounting Preferences. Under the Accounts Payable section,… Continue reading Configuring a Default Vendor Prepayment Account