Vendor Pre Payment configuration in detail

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This  post is about Vendor Prepayment and how we can use these payment later in Netsuite system.
You should setup vendor prepayments before in Netsuite account, use follow steps to setting us
vendor prepayment:

Step 1: This feature must be enabled in Netsuite Account first and then you can use it.
Step 2: Configure a default Vendor Prepayment Account.
Step 3: Configure Permissions for Vendor Prepayments


To Enable Vendor prepayments feature:
1. Go to Setup > Company > Setup Tasks > Enable Features.
2. Click on Accounting subtab
3. Under Basic Features section, confirm that A/P box is checked.
4. Under Advanced Features section, check Vendor Payments checkbox.
5. Click on Save button.

To Disable: 
Follow same instruction and clear Vendor Payments checkbox and save

Configure Default Vendor Payment Account:
You must configure a default vendor payment account, this account can be new or existing account
that is an Other Current Asset type.Netsuite select this account by default while entering prepayments.

To configure vendor prepayment account at company level:
1. Go to Setup>Accounting>Preferences>Accounting Preferences.
2. Under Account Payable section, select an account from Vendor Prepayment Account List

If you want to configure based on subsidiary:
1. Go to Setup > Company > Classifications> Subsidiaries.
2. Click on edit next to subsidiary
3. Under preferences subtab, click on general subtab.
4. Select account for current subsidiary from Vendor Prepayment Account list.
This will auto select default account based on subsidiary.

Configure Permissions for Vendor Prepayments:

 When you enable Vendor Prepayments , Netsuite creates two permission automatically:
1. Vendor Payment - grants user or role permission to work with vendor prepayments transactions
2. Vendor Prepayment Applications - grants the user or role permission to work with then vendor prepayments applications.
Here are permission level and Permissions list:
1. View - view only
2. Create -
     i) View
     ii) Create new transactions (vendor prepayment)
3. Edit -
     i) View
     ii) Enter new transactions
     iii) Edit existing transactions
4. Full -
    i) View
     ii) Enter new transactions
     iii) Edit existing transactions
     iv) Delete transactions
 To configure permissons for vendor payments:
 1. Go to Setup > Users/Roles > Manage Roles
 2. click on edit against role selected or customize (in case of new role)
 3. Under permissions subtab, click on transactions
 4. In permission list , select
       i) Vendor Prepayment
       ii) Vendor Prepayment Application
 5. Assign required permission and levels.
 6. Click on Add or Ok
 7. Save

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