This article is relevant if you desire an automated mechanism to create Vendor Prepayment Deposit functionality in NetSuite.
Background
A bit over a year ago, I wrote an article, Better Visibility: NetSuite Vendor Prepayments and Purchase Orders, and the NetSuite community offered that they were pleased for the practice to learn how to pay for purchase order goods and services before they are received.
More recently, a client sought additional automation to the practice. So as we listened to their concerns, we developed a nifty tool that we call a Vendor Deposit Generator.
Addendum 2019.2
Note, as of 2019.2, NetSuite has come up with an approach for generating vendor deposits. I expect to produce another article with assessments in due course.
NetSuite Vendor Deposit Generator
The tool is helpful to drive the NetSuite Prepayment Deposit process because it requires much less training or background knowledge for how to use it. While it follows the process in the related article, it goes further allowing users to create additional deposits. For example, consider the situation where a vendor wants 40% up front so they can start manufacturing, and then they want the final amount of the purchase order at the time of shipment — yet this is before receipt or a vendor bill. The tool allows you to add additional deposit amounts to drive the process so that by the time you receive the actual bill, you may have multiple prepayment deposits in play to be used to satisfy the actual vendor bill.
Watch the Vendor Deposit Generator Demonstration (4:09)
Here is a short 4:09 video of how the generator works.
Get the Prolecto Vendor Deposit Generator
This automation is a great example for how you can use the NetSuite platform to innovate. Like all the algorithms we have previously created, we give these to our clients without license charge. Our commitment is to ensure our clients get the most out of the NetSuite investment. Should you seek to automate vendor deposit prepayments in your Netsuite account, let’s have a conversation.
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Marty Zigman
Holding all three official certifications, Marty is regarded as the top NetSuite expert and leads a team of senior professionals at Prolecto Resources, Inc. He is a former Deloitte & Touche CPA and has held CTO roles. For over 30 years, Marty has produced leadership in ERP, CRM and eCommerce business systems. Contact Marty to set up a conversation.
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