As soon as a vendor bill arrives, the first step should always be to record it promptly and accurately to ensure you get paid for what was actually received and avoid costly errors or discrepancies.
Accounts payable departments often find vendor bills an arduous task to be completed, taking much time and energy to enter, review, and upload.
CloudExtend Excel
CloudExtend Excel allows your finance team to focus on other tasks while increasing productivity and efficiency.
CloudExtend Excel not only speeds up bill processing times but also offers advanced functions, including bulk uploading and automated data validation to ensure accurate vendor bills without errors and discrepancies.
CloudExtend Excel allows you to create templates which connect NetSuite records and fields with Excel sheets. You can easily customize this feature according to the needs of your company.
Create a template quickly and easily using NetSuite Records or Transactions as the basis. Select which fields should be included in your template before clicking “create.”
Your template can be used with any NetSuite account; however, only the person who created it will be able to refresh saved searches.
Vendor Prepayments
When working on fixed price projects with numerous subcontractors, deposits may need to be made before vendors deliver goods or services. NetSuite makes this easy: just write a check or create vendor credits as necessary.
Your prepayment is deposited directly into your bank account or credit card and then deducted from your prepayment account. Afterward, it can be applied towards any unpaid bills from that vendor.
Use the Auto Apply feature of Vendor Prepayment Application page to quickly enter multiple prepayments at once if you need to submit multiple applications from one prepaid amount.
To take advantage of this feature, first enable it by going into Setup > Company > Setup Tasks and activating it. Secondly, configure a default vendor prepayment account, either as a new G/L account or existing account that contains Other Current Asset types.
Intercompany Transactions
Intercompany transactions occur when one subsidiary within a single company engages in transactions with another subsidiary within that same company, either operationally or financially related, that could involve moving resources, capital or personnel between subsidiaries.
NetSuite offers an array of intercompany accounting features to manage and automate intercompany transactions, such as creating and automating journal entries between intercompany accounts and reconciling intercompany balances.
NetSuite can also be used to generate cross-charge pairs between subsidiaries that provide business services for one another and are approved as read-only intercompany transactions.
To accurately record intercompany payments, it is crucial that a centralized system be established for recording and tracking payment details. This will prevent duplicate activities and help guarantee accurate recordings.
Billing
Billing refers to the practice of creating invoices which describe goods or services sold, their respective prices and payment terms. Businesses use this process of invoicing as an inventory control and customer relationship tool and for future planning as it shows trends in sales or popularity of certain products or services.
NetSuite allows you to generate invoices manually or automatically based on sales orders, set recurring billings and prorate charges as necessary.
Maintaining strong financial health and productivity at your company require having an efficient billing workflow process in place. A standardized billing workflow will help reduce errors and fraud while simultaneously increasing productivity and speeding decision-making processes.
Another key benefit of using a standard vendor billing process is that it ensures accurate records are being kept and payments arrive on time and in full, helping avoid collections issues and enhance customer relationships by guaranteeing payments are being made promptly and on schedule.