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Excess Payment refunded from vendor

in Financial Services 5 comments

We are using vendor prepayments for one of our regular vendors in NetSuite.

Scenario:

  • We created vendor prepayments and later applied them against vendor bills.
  • After allocation, we identified that an excess amount was still remaining in the vendor prepayment balance.
  • We contacted the vendor (DHL), and they refunded the excess amount directly to our bank account.
  • The vendor did not issue any vendor credit note.

Now we would like to know the correct accounting and NetSuite process to record this refund properly.

What is the recommended transaction flow in NetSuite for this case?

Our objective is to:

  • Clear the excess vendor prepayment balance correctly
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