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:

1. Go to Setup > Accounting > Preferences > Accounting Preferences.

2. Under the Accounts Payable section, select an account from the Vendor Prepayment Account list.

3. Click Save.

To configure the default vendor prepayment account at the subsidiary level:

1. Go to Setup > Company > Classifications > Subsidiaries.

2. Click Edit next to a subsidiary.

3. On the Preferences subtab, click the General subtab.

4. Select an account for this subsidiary from the Vendor Prepayment Account list.

   Click Save.

Related Topics

• Enabling the Vendor Prepayments Feature
• Configuring Permissions for Vendor Prepayments
• Configuring Vendor Prepayments With Auto-Apply
• Disabling the Vendor Prepayments Feature
• Vendor Prepayments Setup

General Notices