NetSuite: New Vendor Prepayment Feature

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A new powerful feature that will enhance your user experience

Overview

Paying vendors a deposit is a standard prerequisite for placing orders in APAC, EMEA, and Northern Europe, as most vendors require a certain amount before accepting a PO or beginning the work. Years later, NetSuite allows users to record vendor deposits and apply them against one or several bills while accounting is only done when the final bill is received. 

What are the benefits?

It makes it easy now to determine how many outstanding vendor deposits there are as well as their aging through specific views. 

How do I Set it up

  1. Enable Account Payables
  2. Enable “Vendor Prepayment  “Enable Features > Accounting > Basic Features”
  3. Set up a Vendor Prepayment account
  4. Use the Bill Machine to see all open Bills for a selected Payee on the same subsidiary and the same currency
  5. Apply Vendor Prepayment to one or multiple bills
  6. Related Records of the bill will show Vendor Prepayment Applications

OR

Reach out to your Big Bang experts and we will happily assist you in setting up the Vendor Prepayment feature at any time.

To get a more detailed description of the feature itself and how it affects your NetSuite user experience, download the PDF below.

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