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.
New AI Community Guidelines. Please review and follow them to ensure AI use stays safe, accurate, and compliant.
Please note that on Saturday, April 18, 2026, at 8:00 PM Pacific Time, our Case Management System will undergo a scheduled maintenance for approximately 15 minutes. During this time, case creation via SuiteAnswers will be unavailable and inbound calls will be routed to Customer Service.
Vendor Return Accounting – Accrued Purchases & Goods in Transit
Hello NetSuite Community,
We recently received an item from a local vendor and created a Purchase Order → Item Receipt, but did not receive the vendor bill yet. The Item Receipt posted the following:
- 33402 – Accrued Purchases AED 621.43 (Credit)
- 14100 – Stock in Hand AED 621.43 (Debit)
Later, we returned the item via Vendor Return Authorization → Item Fulfillment. NetSuite posted:
- 100143 – Goods in Transit – Local AED 621.43 (Debit)
- 14100 – Stock in Hand AED 621.43 (Credit)
Questions:
- Is this the correct accounting treatment in NetSuite for a vendor return when no vendor bill exists?
- According to IFRS, the return should reverse Accrued Purchases and Inventory, not use Goods in Transit. How do others handle this scenario in NetSuite?
Tagged:
0