Do you ever wish it was easier to generate and collect prepayments with NetSuite? So did we. That's why our NetSuite experts developed a NetSuite bundle for that exact purpose.
In this walkthrough guide (and video tutorial!), we're showing you how to use one of our most popular NetSuite bundles. You'll learn how to generate, update, send, and invoice prepayments directly from NetSuite.
How Do I Create a Customer Prepayment in NetSuite?
Creating a customer prepayment in NetSuite is easy with our prepayments bundle. Here's a step-by-step guide.
Create a New Prepayment
Start by navigating to the sales order record. Hover over the document icon with a plus sign, and click prepayment.
This generates a new prepayment record. It pulls over information from the sales order record including the sales order total, sales order number, and customer information.
Enter the Prepayment Amount
You can enter a prepayment percentage to auto calculate the amount, or just enter the full dollar amount — whatever is easiest for the order you're working on!
Once you've entered the amount, you can add additional notes or files by scrolling down to the notes section.
Confirm the amounts are correct, then click save.
View the Prepayment Record in the Sales Order
Now that you saved the new prepayment record, you'll be able to see it in the Sales Order. Under the billing subtab in the sales order record, you'll see the prepayment along with all of the corresponding information.
As seen in the screenshot below, you can view the prepayment percentage paid and the total prepayment amount.
Sending a Prepayment to a Customer
When you're ready to send a prepayment to a customer, navigate to the prepayment record. Then, click print. You'll see the full prepayment form, as seen in the screenshot below.
The form shown in the screenshot above is what comes standard with NetSuite, but it is highly customizable!
Creating a Deposit After the Customer Pays
Once the customer sends their prepayment, you'll need to create a deposit.
In the prepayment record, click create deposit. Now, you'll be in NetSuite's customer deposit section, as seen in the screenshot below.
Everything will be pulled over from the prepayment record and sales order record, but it's still important to double-check everything. Check the payment amount, checking account, and any other information included in the prepayment record.
Click save.
Once you generate the invoice for the sales order, you'll see the prepayment record as a "deposit application" under the related transactions subtab.
That's it! Now, you've learned how to generate a prepayment record against a sales order, how to send it to the client, and how to move the prepayment through to invoicing.
Need Help Setting Up Prepayments in NetSuite?
If you're running into issues with prepayments and would like to speak with us about our prepayments bundle or another bundle, contact us to set up a free consultation!