{"id":654,"date":"2021-08-25T09:48:01","date_gmt":"2021-08-25T09:48:01","guid":{"rendered":"https:\/\/www.saturotech.com\/blog\/?p=654"},"modified":"2024-03-18T19:34:30","modified_gmt":"2024-03-18T19:34:30","slug":"vendor-prepayments-in-netsuite","status":"publish","type":"post","link":"https:\/\/saturotech.com\/blog\/vendor-prepayments-in-netsuite\/","title":{"rendered":"Vendor Prepayments in NetSuite"},"content":{"rendered":"\n<p>Do you have vendors that require deposits before they will begin&nbsp;the&nbsp;work for you?&nbsp;In&nbsp;<strong>NetSuite<\/strong>&nbsp;making payments to vendors&nbsp;is&nbsp;happens after&nbsp;record the&nbsp;<strong>vendor bill<\/strong>.&nbsp;It is used to record the deposit amounts paid to vendors.&nbsp;We&nbsp;can&nbsp;use&nbsp;these prepayment amounts&nbsp;for&nbsp;any open bills for the respective vendor.&nbsp;<\/p>\n\n\n\n<p>It&nbsp;is a posting transaction&nbsp;in NetSuite.&nbsp;This feature is used to&nbsp;record and track multiple prepayments&nbsp;&amp;&nbsp;prepayment applications for the vendors.&nbsp;<\/p>\n\n\n\n<p>The following flow chart indicates the process of vendor prepayment.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.saturotech.com\/blog\/wp-content\/uploads\/2021\/08\/image-6.jpeg\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.saturotech.com\/blog\/wp-content\/uploads\/2021\/08\/image-6-1024x576.jpeg\" alt=\"\" class=\"wp-image-655\" srcset=\"https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/08\/image-6-1024x576.jpeg 1024w, https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/08\/image-6-300x169.jpeg 300w, https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/08\/image-6-768x432.jpeg 768w, https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/08\/image-6-1536x864.jpeg 1536w, https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/08\/image-6.jpeg 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p><strong>Enabling the Vendor Prepayments Feature:<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Go to Setup &gt; Company &gt; Setup Tasks &gt; Enable Features.&nbsp;<\/li><li>Click&nbsp;<strong>Accounting<\/strong>&nbsp;subtab.&nbsp;<\/li><li>In&nbsp;Basic Features section, verify that the&nbsp;<strong>A\/P<\/strong>&nbsp;box is checked.&nbsp;<\/li><li>In&nbsp;<strong>Advanced Features<\/strong>&nbsp;section, check the&nbsp;<strong>Vendor Prepayments<\/strong>&nbsp;box.&nbsp;<\/li><li>Save.<\/li><\/ul>\n\n\n\n<p><strong>Configure&nbsp;the&nbsp;Default&nbsp;Vendor Prepayments&nbsp;Account:<\/strong>&nbsp;<\/p>\n\n\n\n<p>You can configure the vendor prepayment account at the company level. If you&nbsp;are using&nbsp;NetSuite One&nbsp;World&nbsp;configure the account at the&nbsp;<strong>subsidiary<\/strong>&nbsp;level.&nbsp;Account should be only as&nbsp;<b>Other Current Asset types<\/b>.&nbsp;This account NetSuite&nbsp;populate&nbsp;by default when entering a new vendor prepayment transaction.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Default vendor prepayment account&nbsp;configuration&nbsp;at the company level:<\/strong>&nbsp;<\/li><li>Go to Setup &gt; Accounting &gt; Preferences &gt; Accounting Preferences (Administrator).&nbsp;<\/li><li>In&nbsp;<strong>Accounts Payable<\/strong>&nbsp;section, select&nbsp;the&nbsp;account from the&nbsp;<strong>Vendor Prepayment<\/strong>&nbsp;Account dropdown list.&nbsp;<strong>Default vendor prepayment account&nbsp;configuration&nbsp;at the subsidiary level:<\/strong>&nbsp;<\/li><li>Go to Setup &gt; Company &gt; Classifications &gt; Subsidiaries (Administrator).&nbsp;<\/li><li>Click&nbsp;<strong>Edit<\/strong>&nbsp;and go to&nbsp;the&nbsp;<strong>Preferences<\/strong>&nbsp;subtab&nbsp;<\/li><li>Click the&nbsp;<strong>General<\/strong>&nbsp;subtab.&nbsp;<\/li><li>Select the&nbsp;<strong>Vendor Prepayment Account<\/strong>&nbsp;from dropdown list.&nbsp;<\/li><li>Click&nbsp;Save.&nbsp;<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.saturotech.com\/blog\/wp-content\/uploads\/2021\/08\/image-59.png\"><img loading=\"lazy\" decoding=\"async\" width=\"969\" height=\"410\" src=\"https:\/\/www.saturotech.com\/blog\/wp-content\/uploads\/2021\/08\/image-59.png\" alt=\"\" class=\"wp-image-656\" srcset=\"https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/08\/image-59.png 969w, https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/08\/image-59-300x127.png 300w, https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/08\/image-59-768x325.png 768w\" sizes=\"auto, (max-width: 969px) 100vw, 969px\" \/><\/a><\/figure>\n\n\n\n<p><strong>Stand-alone vendor prepayment:&nbsp;<\/strong>&nbsp;<\/p>\n\n\n\n<p>A stand-alone vendor prepayment is not associated with&nbsp;any&nbsp;purchase order.&nbsp;So, you can&nbsp;use&nbsp;the&nbsp;<strong>prepayment<\/strong>&nbsp;to any&nbsp;open&nbsp;bills for the respective vendor&nbsp;or save the prepayment amount for future payments.&nbsp;<\/p>\n\n\n\n<p><strong>Consider the below example<\/strong> :<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Request a Goods or Services from your Vendor for the total amount of&nbsp;<strong>$ 80,000<\/strong>.&nbsp;<\/li><li>Your Vendor request an initial deposit of&nbsp;<strong>$20,000<\/strong>&nbsp;to cover the purchase of materials.&nbsp;<\/li><li>You&nbsp;create&nbsp;a vendor prepayment of&nbsp;<strong>$20,000<\/strong>. This&nbsp;amount&nbsp;is credited from your bank&nbsp;account, and debited to your prepayment account.&nbsp;<\/li><li>Your vendor sends you two bills for this order that you enter on NetSuite:&nbsp;<\/li><li>Bill A, value&nbsp;<strong>$50,000<\/strong>, and dated on February.&nbsp;<\/li><li>Bill B, value&nbsp;<strong>$30,000<\/strong>, and dated on March.&nbsp;<\/li><li>We&nbsp;can apply the vendor prepayment amount to the&nbsp;open&nbsp;vendor bills manually using&nbsp;<strong>Vendor Prepayment Application<\/strong>&nbsp;<\/li><li><strong>$10,000<\/strong>&nbsp;applied to&nbsp;Bill A.&nbsp;<\/li><li><strong>$10,000<\/strong>&nbsp;applied to&nbsp;Bill B.&nbsp;<\/li><\/ul>\n\n\n\n<p>This Vendor Prepayment Application decreases the total amount you must pay to your vendor.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Finally, you can complete the&nbsp;bill payment to your vendor as follows&nbsp;<\/li><li><strong>$40,000<\/strong>&nbsp;paid to Bill A&nbsp;<strong>($50,000<\/strong>&nbsp;total value, minus the&nbsp;<strong>$10,000<\/strong>&nbsp;vendor prepayment application.)&nbsp;<\/li><li><strong>$20,000<\/strong>&nbsp;paid to bill B&nbsp;<strong>($30,000<\/strong>&nbsp;total value, minus the&nbsp;<strong>$10,000<\/strong>&nbsp;vendor prepayment application.)&nbsp;<\/li><\/ul>\n\n\n\n<p><strong>Entering Vendor Prepayments:<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Go to Transaction tab &gt; Payable &gt; Enter Vendor Prepayment&nbsp;&nbsp;<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.saturotech.com\/blog\/wp-content\/uploads\/2021\/08\/image-60.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"547\" src=\"https:\/\/www.saturotech.com\/blog\/wp-content\/uploads\/2021\/08\/image-60-1024x547.png\" alt=\"\" class=\"wp-image-657\" srcset=\"https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/08\/image-60-1024x547.png 1024w, https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/08\/image-60-300x160.png 300w, https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/08\/image-60-768x410.png 768w, https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/08\/image-60.png 1077w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li>In Payee field, select the respective vendor from the dropdown list.&nbsp;<\/li><li>The&nbsp;<strong>Currency<\/strong>&nbsp;field autofill\u2019s with the default currency for the vendor.&nbsp;If there is more than one currency for the payee, you can change this value. This field is available when using the Multiple Currencies feature.&nbsp;<\/li><li>The&nbsp;<strong>Exchange Rate<\/strong>&nbsp;depends on the currency selected for the payee.&nbsp;If the currency of the Payee is different from your base currency, the Exchange Rate field shows the corresponding exchange rate value.&nbsp;<\/li><li>The&nbsp;<strong>Prepayment Account<\/strong>&nbsp;field autofill\u2019s with the default prepayment account for the payee, and it cannot be changed from this page.&nbsp;<\/li><li>Select the&nbsp;respective account payable&nbsp;<strong>Account<\/strong>&nbsp;and&nbsp;select a bank account for this payment. The&nbsp;<strong>bank account<\/strong>&nbsp;<strong>currency<\/strong>&nbsp;must be the same as the transaction&nbsp;<strong>currency<\/strong>.&nbsp;<\/li><li>Enter the&nbsp;<strong>Payment Amount<\/strong>&nbsp;for this prepayment&nbsp;<\/li><li>Save.&nbsp;<\/li><li>When the prepayment record is saved, the status of the transaction is&nbsp;<strong>paid<\/strong>. The&nbsp;<strong>bank<\/strong>&nbsp;account is credited, while the&nbsp;<strong>prepayment account<\/strong>&nbsp;is debited.&nbsp;<\/li><\/ul>\n\n\n\n<p><strong>Applying Vendor Prepayments Manually:<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>After save the Vendor prepayment record in view mode&nbsp;<strong>Apply<\/strong>&nbsp;button is displayed. While clicking on that button it will navigate to&nbsp;<strong>Vendor Prepayment application<\/strong>.&nbsp;<\/li><li>When applying a vendor prepayment against multiple&nbsp;<strong>bills<\/strong>&nbsp;manually, you can choose how the prepayment amount is allocated to each&nbsp;<strong>bill<\/strong>.&nbsp;&nbsp;<\/li><li>In the&nbsp;<strong>Bills subtab<\/strong>&nbsp;shows the&nbsp;vendor&nbsp;bills available for application.&nbsp;<\/li><li>Check the&nbsp;<strong>Apply<\/strong>&nbsp;box for the bill where you want to apply the prepayment.&nbsp;For the selected bill, enter the&nbsp;<strong>Payment<\/strong>&nbsp;amount for this application.&nbsp;<\/li><li>You can apply the full&nbsp;<strong>prepaid amount<\/strong>&nbsp;in a single application, or multiple applications using the same&nbsp;<strong>vendor prepayment.<\/strong>&nbsp;<\/li><li>You can apply one prepayment to a single bill or to multiple bills, up to the total&nbsp;prepayment amount.&nbsp;<\/li><li>Alternatively, click&nbsp;<strong>Auto Apply<\/strong>&nbsp;to select bills and amounts automatically.&nbsp;<strong>Auto Apply<\/strong>&nbsp;applies the prepayment amount on bills up to the total prepayment amount.&nbsp;<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.saturotech.com\/blog\/wp-content\/uploads\/2021\/08\/image-61.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"759\" src=\"https:\/\/www.saturotech.com\/blog\/wp-content\/uploads\/2021\/08\/image-61-1024x759.png\" alt=\"\" class=\"wp-image-658\" srcset=\"https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/08\/image-61-1024x759.png 1024w, https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/08\/image-61-300x222.png 300w, https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/08\/image-61-768x569.png 768w, https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/08\/image-61.png 1381w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p>A&nbsp;<strong>vendor prepayment<\/strong>&nbsp;is a posting transaction&nbsp;it&nbsp;impacts the ledger without offsetting the&nbsp;<strong>Accounts Payable<\/strong>&nbsp;account. When the&nbsp;<strong>vendor prepayment<\/strong>&nbsp;is applied, the&nbsp;<strong>Accounts Payable<\/strong>&nbsp;account is offset.&nbsp;<\/p>\n\n\n\n<p>This is&nbsp;the&nbsp;way&nbsp;to track&nbsp;standalone&nbsp;vendor prepayments&nbsp;in NetSuite.&nbsp;&nbsp;<\/p>\n\n\n\n<p>To Know more about NetSuite Cloud ERP, feel free to reach us on: <\/p>\n\n\n\n<p><strong>Website:<\/strong>\u202f<a rel=\"noreferrer noopener\" href=\"http:\/\/saturotech.com\/\" target=\"_blank\">https:\/\/saturotech.com\/<\/a><\/p>\n\n\n\n<p><strong>Email ID:<\/strong><a rel=\"noreferrer noopener\" href=\"mailto:info@saturotech.com\" target=\"_blank\">sales@saturotech.com<\/a><\/p>\n\n\n\n<p><strong>Contact No:<\/strong> +91 844-844-8939 (&amp; Press 3) <\/p>\n\n\n\n<p><strong><strong>You may also be interested&nbsp;in&nbsp;reading this:<\/strong><\/strong><\/p>\n\n\n\n<p><strong><a rel=\"noreferrer noopener\" href=\"https:\/\/www.saturotech.com\/blog\/?p=508\" target=\"_blank\">Suite Script 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rel=\"noreferrer noopener\">Bank Reconciliation In NetSuite By Import<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Do you have vendors that require deposits before they will begin&nbsp;the&nbsp;work for you?&nbsp;In&nbsp;NetSuite&nbsp;making payments to vendors&nbsp;is&nbsp;happens after&nbsp;record the&nbsp;vendor bill.&nbsp;It is &hellip; <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-654","post","type-post","status-publish","format-standard","hentry","category-cloud-computing"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vendor Prepayments in NetSuite | NetSuite Blog | Saturotech<\/title>\n<meta name=\"description\" content=\"Do you have vendors that require deposits before they will 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