Vendor Records Overview

Vendors supply you with goods or services you need to run your business. For each vendor you purchase from, use vendor records to do the following:


If you use the Multiple Currencies and Multi-Currency Vendor features and have vendors with multiple currencies, note the following. You configure an inventory item with a default purchase price, set a preferred location, and a re-order point value. The purchase price must be the preferred default for the item, and in the preferred currency.

You can also create vendor records for tax agencies. You can then use the tax agency records to pay sales tax that you have collected. Likewise, you can create vendor records as payroll items to withhold and pay tax and insurance on behalf of your employees.

If you use NetSuite OneWorld, you can assign a primary subsidiary and an unlimited number of secondary subsidiaries to a vendor record. This is useful when you have multiple subsidiaries using the same vendor. A shared vendor record provides the vendor’s total outstanding balance and total unbilled balance n the primary subsidiary’s currency. These two balances are the sum of all of the assigned subsidiaries’ balances.

A running balance is kept for each vendor based on bills you have entered and payments you have made. You can also keep track of the balance of prepayments for each vendor. Run reports to see who your vendors are, how much you owe, what bills you need to pay and what purchase orders you have.

You can list your vendor records in NetSuite in Lists > Relationships > Vendors.

Related Topics

Vendor Record Management
Vendor Record Configuration
Vendor Records

General Notices