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!
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:
- Create PO total USD 1000 Tax 100 = Usd 1100
- Paid in advance for 400 Tax 40:
- Journal will be : Vendor advance (400-DR) Tax (40-DR) and Payable (440-CR)
- Finance Paid the advance bill
- Journal will be : Payable (440-DR) Bank (440-CR)
- Receive the goods
at the end of balance sheet, accounting should know, Vendor advance for $400 is belongs to which vendor
0