https://netsuiteprofessionals.com logo
Join SlackCommunities
Powered by
Hi, Reaching out for recommendations on a vendor b...
# accounting
i
Hi, Reaching out for recommendations on a vendor bill that's locked in a closed accounting period. The payment record was voided but vendor bill status remains open. Is there a way to remove without unlocking a closed period?
k
well, if you voided the payment, the bill should be open, unless you are trying to cancel the bill as well, in which case I'd just use a vendor credit
i
Yes, trying to cancel the bill as well. Thanks for the tip.
n
@Israel Trujillo will applying a Vendor Credit achieve what you want? You will have two impacts one in the original closed period and this credit period.
i
Can the credit cancel out once its applied to the open bill in the closed period?
k
define "cancel out"
i
I guess I’ll need a solution of Some sort of action that will not impact the GL or a post a credit amount that’s apply to the vendor account
k
Short answer is you can't.
Your Bill is posted to the GL in a prior period.
You can't undo this without posting a transaction in the current period
The total nets to zero if you do your credit correctly overall - but there'll always be a value in the first locked period, and in the current period.
You could post a JE to accounts payable, with 1 side not tagged to a vendor, and the other to the vendor. Then apply that journal against the bill - but you've just shuffled the problem around, and now you have a value in A/P not associated to a vendor so it won't tie the GL to the AP aging reports.
and the expense was still posted in that prior period.
i
Yes, that makes sense. I believe our accounting team has performed corrections in the past my posting to a JE. But not sure if the same route is a option this time since is dated back to 2019.
Vendors credit seems the best option as it stays with vendor profile
Thanks for the help
4 Views
Open in Slack
PreviousNext
Powered by