Check out Oracle NetSuite upcoming events and conferences here
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!
Update your Profile with your Support type to get your Support Type badge.
Discover NetSuite's potential! Join our webinars, learn from experts, and optimize your operations. Whether you're experienced or new, secure your spot today and stay ahead in NetSuite!
Share with colleagues and friends who could benefit from our webinars too!

vendor Downpayment with Tax

Hi expert,

I have scenario due to Purchase or Sales transaction, after creating PO or SO, before delivering or receiving the goods, i should collect or paid in advance to vendor or customer with tax. Here is the Accounting Journal to be result in the transaction as follows:

  1. Create PO total USD 1000 Tax 100 = Usd 1100
  2. Paid in advance for 400 Tax 40:
  3. Journal will be : Vendor advance (400-DR) Tax (40-DR) and Payable (440-CR)
  4. Finance Paid the advance bill
  5. Journal will be : Payable (440-DR) Bank (440-CR)
  6. Receive the goods

at the end of balance sheet, accounting should know, Vendor advance for $400 is belongs to which vendor

Howdy, Stranger!

Log In

To view full details, sign in.


Don't have an account? Click here to get started!


Community Whiz

Quarter 1 (Jan-Mar 2024)

This Week's Leaders

This Month's Leaders

All Time Leaders