Discussions
Stay up-to-date with the latest news from NetSuite. You’ll be in the know about how to connect with peers and take your business to new heights at our virtual, in-person, on demand events, and much more.
Now is the time to ask your NetSuite-savvy friends and colleagues to join the NetSuite Support Community! Refer now! Click here to watch and learn more!
What is the correct or best practice way of migrating prepayment transactions?
Hi There
I have open vendor prepayments that I was needing to migrate to Netsuite.
These are payments made in the legacy system that have yet to be applied to vendor bills.
What would be the correct method to migrate these to Netsuite?
Creating a vendor prepayment record in Netsuite necessarily requires a bank account to be entered on the vendor prepayment record.
i.e. the GL impact of the prepayment will be:
Dr Advance paid (Current Asset)
Cr Bank
However, I am thinking this will result in the bank account being "credited" twice effectively:
Once when the prepayment transaction is created and once when the bank opening GL entry is migrated to Netsuite.
Tagged:
0