Using Tegatas

The NetSuite Japan edition provides Japanese companies with the capability to make payments to vendors (payable tegata) and receive payments (receivable tegata) from customers using tegatas, which are a traditional form of payment in Japan.

Using tegatas, a Japanese company can:

• Receive tegatas as payments from customers (receivable tegata)

• Collect funds and deposit the funds into bank accounts

• Issue tegatas to pay vendors (payable tegata)

  Note:

  In a OneWorld account, if the selected vendor is shared with multiple secondary subsidiaries, you can change the default primary subsidiary to any of the secondary subsidiaries assigned to this vendor.

• Endorse receivable tegatas to a third party to make payments

Tegatas are similar to promissory notes. Tegatas usually have a maturity date that is several weeks or possibly months in the future. On the maturity date, the full amount of the tegata becomes collectable. Businesses that need cash often discount receivables tegatas at their banks to receive cash before the maturity date on the tegatas. In this case, the amount the company receives would be the face value of the tegata, minus the bank's fee.

Note:

When payable tegatas are paid or receivable tegatas are received, a journal entry is posted to offset the amount accrued. The journal entry is also dated at the time the transaction was made and posted in the ledger.

Note:

Tegata payable and receivable accounts cannot be set as parent GL account.

Related Topics

Japanese Invoicing

Meeting Japanese Banking Requirements

Meeting Japanese Consumption Tax Requirements

Using Japanese Accounting Periods

Meeting Japanese Invoicing Requirements

Translation for Custom Elements for Japan

General Notices