Do you have vendors that require deposits before they will begin work on a project for you? NetSuite now has the ability to not only record these prepayments in a way that is easy to report on, but also allows for the automatic application of them to their associated vendor bills, reducing manual efforts and saving time.
In order to automatically apply it to a vendor bill, a Purchase Order and Vendor Prepayment must be linked. This can be done by creating a new prepayment and selecting a Purchase Order in the new “Purchase Order” field.
Once the you apply the prepayment, it is not possible to change the linked Purchase Order. However, it is possible to manually apply a remaining amount to a Bill that is from a different Purchase Order as long as it has the same Vendor, Currency and Subsidiary.
Some additional enhancements include the following:
To start using NetSuite Vendor Prepayments:
The Auto-Apply Vendor Prepayments preference will be set by default for all prepayment transactions that meet the Auto-Apply conditions. If your settings to not meet the conditions, you will have to manually apply the prepayment. If you want only to apply manual payments, you must turn off the Auto-Apply preference by navigating to Setup > Accounting > Preferences > Accounting Preferences > Accounts Payable.
Have any questions about NetSuite vendor prepayments? Please contact us at any time!
This publication contains general information only and Sikich is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or any other professional advice or services. This publication is not a substitute for such professional advice or services, nor should you use it as a basis for any decision, action or omission that may affect you or your business. Before making any decision, taking any action or omitting an action that may affect you or your business, you should consult a qualified professional advisor. In addition, this publication may contain certain content generated by an artificial intelligence (AI) language model. You acknowledge that Sikich shall not be responsible for any loss sustained by you or any person who relies on this publication.
About the Author
Leigh Andonian
Leigh Andonian, MBA, MSA is a Netsuite Implementation Consultant at Sikich.
Sign up for Insights
Join 14,000+ Business executives and decision makers.
Latest Insights
Security
Going Beyond the Basics: Using MITRE ATT&CK® to Enhance...
June 20, 2025
Power Platform
Introducing: The Sikich App in a Day Workshop for Microsoft ...
June 19, 2025
Dynamics 365
From Apparatus to ERP: Advancing Financial Services Automati...
June 18, 2025
Case Study
Modernizing Research Logistics with a Unified Digital Portal...
June 17, 2025
Managed Services
Is it Time to Look for a New Outsourced IT Support? What Ar...
June 17, 2025
Regulatory, Quality, & Compliance
Is Your Data Secure and How Do You Know?
June 16, 2025
Technology
Choosing Case Management Software: A Strategic Guide for Mid...
June 13, 2025
Azure
CHE Load Balancer Migration for Microsoft Dynamics 365 F&...
June 12, 2025
Information Technology
Is Your Business Down Due to IT Failures?
June 11, 2025
AI
Understanding AI Readiness: What It Means for Your Business
June 10, 2025