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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?
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