Vendor Prepayment Approvals
NetSuite 2020.2 includes the option to approve vendor prepayments. When you enable the Vendor Prepayment Approvals feature, the Vendor Prepayment page includes the new Approval Status and Next Approver fields. Authorized users can approve vendor prepayments assigned to them using a custom vendor bill approval workflow in SuiteFlow or using the new Approve Vendor Prepayments page found at Transactions > Payables > Approve Vendor Prepayments. The NetSuite A/P Clerk is the only role that includes the Vendor Prepayment Approval permission by default. An administrator has to enable the permission for other roles. When enabled, you can also approve vendor prepayments with the Employee Center role. When vendor prepayments are waiting for your approval while using the Employee Center role, you receive notifications in the Reminders portlet. For more information, see the help topic Vendor Prepayments.
Due Date on Vendor Bill Credits
Prior to NetSuite 2020.2, due dates on vendor bill credits had to be reviewed and calculated manually during the vendor payment process. NetSuite 2020.2 enables you to set a due date when you enter the vendor bill credit. This enables you to have visibility of all due date for bills and bill credits at time of payment. The new due date information is available in the Bill Credit and Bill Payment pages, as well as in saved searches, reports, and SuiteAnalytics workbooks. For more information, see the help topic Entering a Vendor Credit.
Vendor Bill Variances for Additional Item Types
After enabling the Advanced Receiving feature, you can enter vendor bill variances and generate journal postings to variance accounts. These variances can be based on quantity, price, or exchange rate discrepancies. Prior to 2020.2, this functionality was only available for inventory items. NetSuite 2020.2 enables you to generate journal postings to variance accounts for service, other charge, and non-inventory items as well. To support this new functionality, service, other charge, and non-inventory item records now include three new variance accounts in the Accounting subtab:
- Price Variance Account – resolve variances between the unit cost of items on bills and receipts.
- Quantity Variance Account – resolve variances between quantities on bills and receipts.
- Exchange Rate Variance Account – resolve variances between exchange rates on bills and receipts. When you check the Generate Accruals box in the Preferences subtab, Vendor Bill variances generate and post an accrual to the general ledger. For more information, see the help topic Vendor Bill Variances.
Vendor Prepayments Enhancements
NetSuite 2020.2 improves and extends the core Vendor Prepayments feature with the following functionalities:
- Make a copy of a vendor prepayment from the Actions list in the Vendor Prepayment Page.
- Void a vendor prepayment transaction with the new Void button in the vendor prepayment page.
- New vendor prepayment balance information in the Subsidiaries subtab of a vendor record.
- New Balance field in the Vendor Prepayment page shows the vendor prepayment account balance.
- New Available Balance field in the Vendor Prepayment page shows the vendor prepayment account balance when in-transit payments are in use.
- Import vendor prepayment transactions in bulk from a CSV file with the NetSuite Import Assistant. For more information, see the help topic Vendor Prepayments.