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NSC | Applying Journal Entries Against Vendor Prepayments

edited 1:14AM in Accounting / ERP

Scenario

A user wanted to determine how to knock off or offset a Journal Voucher against a Vendor Prepayment in NetSuite.

The business was using Journal Vouchers for Accounts Payable related entries and needed to understand whether Vendor Prepayments could be directly applied against those Journal Entries

Solution

Vendor Prepayments in NetSuite can only be applied against Vendor Bills.

Journal Vouchers or Journal Entries do not support direct Apply functionality with Vendor Prepayments. Because of this limitation, Vendor Prepayments cannot be knocked off directly against Journal Entries.

If the transaction relates to Accounts Payable processing, the recommended approach is to create a Vendor Bill instead of using a Journal Entry. The Vendor Prepayment can then be properly applied against the Vendor Bill through the standard Vendor Prepayment application process.

Judy Culanding | RPM | New to NetSuite

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