New to NetSuite | Customer Prepayments

Shiela Marie Villaluz-Oracle

Prepayment is an advance payment made by a buyer to a seller before the delivery of goods or services. Prepayments are made to secure the delivery of goods or services and to show the buyer's commitment to the transaction. You can now make a prepayment from customer deposits. 

You can associate a vendor prepayment with a purchase order. When you associate a vendor prepayment with a purchase order, NetSuite can automatically apply the prepayment to the bills associated with the purchase order. NetSuite does this using the Auto-Apply accounting preference. 

To enter vendor prepayments: 

1. Go to Transactions > Payables > Enter Vendor Prepayment. 

1. Complete the Vendor Prepayment form as described in the section below. 
2. When all the required fields are complete, click Save. 

You can complete the application after saving the vendor prepayment, or later. 

Note 

If the Apply button is not available, take note of the following: 

• If you require approval for vendor prepayment transactions, you can only apply prepayments with the status of Approved. For more information, see Vendor Prepayment Approvals. 
• Verify that you have the required permissions enabled for vendor prepayments. For more information, see Configuring Permissions for Vendor Prepayments. 

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