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New to NetSuite | Applying Vendor Prepayments through Auto-Apply
The purpose of implementing Vendor Prepayments through NetSuite Auto-Apply functionality is to streamline the vendor payment application process, improve accounts payable efficiency, and ensure accurate tracking of prepaid vendor balances against outstanding bills. By leveraging NetSuite’s Auto-Apply capability,…
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New to NetSuite | Electronic Bank Payments: Payment File Handling
The Electronic Bank Payments SuiteApp allows you to process bank payments for Vendor Bills, Employee expenses, Partner and Employee commissions, and Customer Refunds. With Electronic Bank Payments, you can create Payment Files that provide instructions for handling electronic funds transfers between bank accounts. However,…
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New to NetSuite | Electronic Payments: Global Payment Processing
Some companies maintain multiple Bank Details for their Vendors, especially when operating with multiple Subsidiaries across different countries for Electronic Payment Processing. However, when using the Bill Payment Processing page, only the Primary Bank Account can be used. The system automatically selects the Primary…
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New to NetSuite | Procure to Pay: Creating a Vendor Payment
Vendor Payment refers to the payment a business makes to a vendor (or supplier) in exchange for goods or services provided. Vendors can supply anything from Raw Materials and Office Supplies to Consulting or Maintenance Services. Pay only one Vendor Transactions > Payables > Pay Single Vendor Vendor Bill record > Make…
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New to NetSuite | Procure to Pay: Creating a Vendor Return Authorization
A Vendor Return Authorization is a non-posting transaction that serves as a record of items to be returned to the Vendor; it tracks accurate information about each Return, helps the Shipping Department match Items to Vendor Return forms during Shipment, and informs the Accounting Department of what to expect from each…
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New to NetSuite | Procure to Pay: Creating a Vendor Credit
A Vendor Credit is a transaction to show Credit from a Vendor that you can apply to your Payables Account. Vendors might Credit your account if you Return merchandise to them or negotiate a discount after receiving an Invoice. You can apply Vendor Credits to Vendor Bills when you make Payments, and the Credit decreases the…
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New to NetSuite | EP_00004 error persists even after applying SA 51281 fix
After installing the Electronic Bank Payments bundle, the Bank File Generation page cannot be used until the error in the Saved Search is resolved. It is standard behavior for the page to display the EP_00004 error for the standard "Bill Payment Transactions for EP" Saved Search from the bundle, as the added criteria are…
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New To NetSuite | Procure to Pay: Creating Standalone Vendor Bills
After learning about Billing Purchase Orders, let’s now move forward into creating standalone Vendor Bills. Vendor Bill enables users to record and capture payables as they are received from Vendors, allowing us to settle them as they become due. This maintains an accurate representation of payables throughout the billing…
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New To NetSuite | Procure to Pay: Billing Purchase Orders
Billing Purchase Orders is one of the fundamental transactions in Procure to Pay. It supplies a clear outline for agreed-upon purchases between parties. To know more about creating Purchase Orders, you may check New to NetSuite | Procure to Pay: Creating Standalone Purchase Orders Purchase Orders can be either Fully or…
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New to NetSuite | Procure to Pay: Creating Standalone Purchase Orders
After learning and enabling the A/P feature in New To NetSuite | Procure to Pay: Enable the A/P Feature, let’s explore creating Standalone Purchase Orders. A Purchase Order is a record in NetSuite used to record the items or services to be acquired, its quantities, agreed-upon prices, delivery details, and any other…
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New To NetSuite | Procure to Pay: Enable the A/P Feature
Accounts Payable feature encompasses the procure to pay process. It ensures timely and accurate payment to vendors and other creditors. To enable the A/P feature: NetSuite: Go to Setup > Company > Enable Features > Accounting > Basic Features and mark the A/P checkbox. NetSuite Next: Open Explore (hamburger icon on the…
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New to NetSuite | Create a Report that shows Unapproved Bills and Next Approver
Here are the steps to accomplish this by creating a Saved Search: Navigate to Transactions > Management > Saved Searches > New Select Transaction as the Search Type These would be the settings of the search.Criteria tab > Standard subtab: Type is Bill Main Line is true Status is Bill:Pending Approval Results tab…
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New To NetSuite | Procure to Pay: Purchase Requests
One integral part of the Procurement Process is the Purchase Request. It is a record for purchases to be made, however, it does not authorize a purchase or commit to receive and pay for goods or services. In NetSuite, Purchase Requests are created through the Employee Center. To enable Purchase Requests: 1. Navigate to…