Vendor Payments Overview
After you enter vendor bills, you pay them in NetSuite when they are due. The payment posts to the general ledger as an expense and the amount of the payment is deducted from your accounts payable total. This helps you track expenditures and total payables due.
All system-generated currency revaluation including rounding revaluation posts to the current open period. This enables you to move the revaluation to any period you require.
You can set a Vendor Payment Account preference. After you set the Vendor Payment Account preference, NetSuite automatically sets the Account field on vendor prepayments and bill payments to your preferred account. For more information, see Default Vendor Payment Accounts.
Record a bill payment by doing one of the following:
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To pay a single vendor, click Pay Single Vendor.
For more information, see Paying Bills to a Single Vendor.
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To pay bills for several vendors, click Pay Bills.
For more information, see Paying Bills to Multiple Vendors.
Credits are negative numbers from past payment adjustments and payments are positive numbers. If the two are combined and the sum of all payments is a negative number, note the following. An error message indicates that a payment cannot be processed for a negative amount.
Use the Write Checks transaction to pay vendor bills only if you do not use Accounts Payable. If you use Accounts Payable, use the Pay Bills function.
If you use NetSuite OneWorld and have vendor records shared with multiple secondary subsidiaries, note the following. The list of open invoices is filtered by the subsidiary and displays all vendors to which the subsidiary is assigned. For more information about shared vendor records, see Assigning Subsidiaries to a Vendor.
You can also enter deposits to vendors before you enter the vendor bills using vendor prepayments. For more information about the Vendor Prepayments feature, see Vendor Prepayments.
For information about how NetSuite calculates revaluation for vendor bill payments, see Rounding Gain/Loss.