The standard SAP Business One journal will debit the expense account and credit the A/P control account. If the A/P invoice is not based on a GRPO, both the standard SAP Business One journal entry and an Eralis Job journal entry will be processed.An Eralis Job journal entry will not be processed. If the A/P invoice is based on a GRPO, a standard SAP Business One journal entry will be processed to debit the expense account and credit the A/P control account.There are a couple of things to note when you are dealing with non-inventory items. If the A/P invoice is not based on the GRPO, there will essentially be two lines associated with the same item, doubling the cost. When an A/P invoice is processed, the system will create a job line if no GRPO has been created. However, if the A/P invoice is based on a GRPO, a job line will already be created. Please note that if a GRPO has been created, the A/P invoice must be based on that GRPO. If you would like to work with a team of NetSuite experts that don’t just have thoughts, but who can actually think, let’s have a conversation.A/P invoices can be generated directly, or based on a purchase order (PO) or a Goods Receipt PO (GRPO). If you found this article meaningful, feel free to receive notifications of new articles as I post them. The next time you think, “I will just journal entry that concern”, stop and ask yourself, “can I approach this challenge with other built-in records”? Why? I do this because it deepens our team’s understanding of the NetSuite platform, our accounting skills, and it illustrates we think in a more innovative manner. I often challenge our team members to avoid suggesting to our clients to use journal entries in any situation the client faces. In my NetSuite Systems Integration practice, I lead a team of professionals with both business, accounting, and technology backgrounds. We have now written off the receivable in a clean manner without using journal entries!Ĭlick the related images to see an example of the practice. In this case, we expect a Debit to Bad Debts expense and a Credit to Undeposited Funds. Confirm GL Impact: view the GL impact to confirm the accounting.The Bank Deposit record will now total to zero - meaning, we did not really deposit any funds in the bank account. Select your general ledger Bad Debt expense account. Use Other Deposits to Target Bad Debt Expense: using the Other Deposits tab, enter a negative value amount for the write-off.We effectively moved the bad debt problem to Undeposited Funds. The accounts receivable aging will look good. At this point, NetSuite will Debit Undeposited Funds and Credit AR. Select the “Bad Debt” payment you applied in the previous step.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |