This article article is relevant to you if you are running your business on Oracle NetSuite ERP and would like a quick roadmap to simplify and add more transparency to your accounts payable process.
If your business is running on Oracle NetSuite ERP and you have an interest in recording and tracking deposit amounts paid to vendors before they accept a purchase order for goods or services, then enabling the vendor prepayments feature could be an easy home run. You can apply the prepayment amounts created with this feature against open bills for the vendor. Vendor prepayments enables you to record and track multiple prepayments and prepayment applications for all vendors.
Step 1. From the Administrator role, Setup > Company > Enable Features. Under the Accounting sub tab, Basic Features heading, make sure that the A/P box is ticked, Advanced Features heading tick the Vendor Prepayments box and Save.
Step 2. You can configure a default Vendor Prepayment account (new or existing Other Current Asset type) on a per subsidiary basis: Setup > Company > Subsidiaries, edit and under the Preferences sub tab, General area look for Vendor Prepayment Account dropdown.
Step 3. Go to each necessary user role (typically A/P Clerk, Controller, CFO) and set access. Setup > Users/Roles > Manage Roles. Under Permissions sub tab, Transactions sublist, add the following records: Vendor Prepayment (lets user of the role work with the transaction), Vendor Prepayment Application (lets the user of the role apply the prepayments). Choose a level of permission for each of the two records.
Step 4. Go to your Purchase Order transaction entry form, hover over the Customize link and click Customize Form. Under the Actions sub tab tick the "show" box for the Enter Prepayment button and you're off.
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