Enabling the Vendor Prepayments Feature
To work with vendor prepayments, you must enable the feature first.
The Accounts Payable feature is a prerequisite to work with vendor prepayments. You should verify this feature is enabled before enabling Vendor Prepayments.
To enable the Vendor Prepayments feature:
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Go to Setup > Company > Setup Tasks > Enable Features.
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Click the Accounting subtab.
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Under the Basic Features section, verify that the A/P box is checked.
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Under the Advanced Features section, check the Vendor Prepayments box.
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Click Save.
Configuring a Default Vendor Prepayment Account
To work with Vendor Prepayments, you must configure a default vendor prepayment account. This can be a new or existing account that is an Other Current Asset type. This is the account that NetSuite selects by default when entering a new vendor prepayment transaction.
You can configure the vendor prepayment account at the company level. If you use NetSuite OneWorld, you can configure the account at the subsidiary level. By default, subsidiaries in NetSuite OneWorld use the account set at company level, but you can configure a different prepayment account for a subsidiary.
Note
The vendor prepayment account set at the subsidiary level takes precedence over the vendor prepayment account set at the company level.
To configure the default vendor prepayment account at the company level:
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Go to Setup > Accounting > Preferences > Accounting Preferences.
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Under the Accounts Payable section, select an account from the Vendor Prepayment Account dropdown list.
To configure the default vendor prepayment account at the subsidiary level:
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Go to Setup > Company > Classifications > Subsidiaries (Administrator).
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Click Edit next to the subsidiary.
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Under the Preferences subtab, click the General subtab.
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Select an account for this subsidiary from the Vendor Prepayment Account dropdown list.
Configuring Permissions for Vendor Prepayments
When you enable the Vendor Prepayments feature, the system creates two new permissions:
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Vendor Prepayment – Grants the user or role permissions to work with vendor prepayment transactions.
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Vendor Prepayment Application – Grants the user or role permissions to work with the vendor prepayments applications.
The following table lists the required permission levels for working with vendor prepayment transactions:
|
Permission Level |
Permissions |
|---|---|
|
VIEW |
View only |
|
CREATE |
|
|
EDIT |
|
|
FULL |
|
To access and work with vendor prepayments, the administrator must assign these permissions to roles. By default, the A/P Clerk role has the edit permission level for vendor prepayment transactions.
If you do not enter vendor prepayments and you only apply the prepayments to your bills using Auto-Apply, you do not need permissions to work with vendor prepayments. With Auto-Apply, NetSuite works in the background using the system account credentials for the vendor prepayment application.
In addition to permissions, NetSuite restrictions can limit your access to certain records. These restrictions may include subsidiary, department, class, or location restrictions. Consider the following example. Lisa, who works in Purchasing, belongs to a role with no restrictions. She creates different vendor prepayment transactions in different locations. Later, the administrator updates Lisa's role to include the location restriction own and subordinates only. After this change, Lisa can access prepayment transactions on her location and subordinates locations only. Lisa cannot access prepayment transactions created for other locations, even when these transactions were created by herself.
To configure permissions for vendor prepayments:
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Go to Setup > Users/Roles > User Management > Manage Roles.
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Locate the role you want to modify, and click Edit or Customize.
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On the Permissions subtab, click Transactions.
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In the Permission dropdown list, select the corresponding permission:
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Vendor Prepayment – To authorize the user or role to work with vendor prepayment transactions.
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Select Vendor Prepayment Application – To authorize the user or role to work with vendor prepayment applications.
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In the Level dropdown list, select the required access level.
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Click Add to add the new permission, or click OK to modify the existing permission.
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Click Save.
Configuring Vendor Prepayments with Auto-Apply
The Auto-Apply accounting preference is enabled by default, affecting all the prepayments transactions that meet the Auto-Apply conditions. If you want to apply the prepayments always manually, you must disable the Auto-Apply preference.
To configure vendor prepayments with Auto-Apply:
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Go to Setup > Accounting > Preferences > Accounting Preferences
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Under the Accounts Payable section, configure the Auto-Apply Vendor Prepayments setting:
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Check the Auto-Apply Vendor Payments box to automatically apply your vendor prepayments.
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Clear the Auto-Apply Vendor Prepayments box if you wan to apply your prepayments manually.
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