Previously in NetSuite, vendor bills were identified with a transaction date, a single amount and a single due date. With the 2019.1 update, the Installments Feature allows the total amount for a vendor bill to be divided into several parts to be paid in installments. Each installment will have a designated due date.
First thing to do is enable Installments, to do this navigate to Setup > Company > Enable Features > Accounting tab. Scroll down to the bottom of the Advanced Features section and make sure the INSTALLMENTS option is checked, if not check the box and Save it.
Once you have enabled the INSTALLMENTS feature you will want to setup Installment terms. To do this navigate to Setup > Accounting > Setup Tasks > Accounting Lists > New > and select Terms.
After you have created your Installment terms,
Finally, if an installment payment is unpaid after the due date, the late installment for that period is marked past due affecting the Aging reports since they are now based on the due date for payment.
If you’d like to learn more about Installments or anything else about NetSuite, please contact us at any time! You can also learn about more great tips for NetSuite on our YouTube playlist or our other blog posts.
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