Hello Everyone -
After battling for months with ou...
# accountinga
Amanda Morris CPA CMA CPIM CGMA
09/08/2021, 9:09 PMHello Everyone -
After battling for months with our NetSuite implementation team, they have told me that they can not fix what I see as a glitch in NS. When I take a customer deposit it debits cash and credits a liability account called "Customer Deposits". (Correct!) But when I refund a deposit it credits cash and debits AR Trade (not Correct)
Supposedly this is by design and nothing can be done but have someone on my team do journal entries each month to balance Customer Deposits and AR Trade to the reports.
Please tell they do not know what they are talking about? Our deposit balance is material enough to keep it separate from AR and we do enough refunds of deposits to make it a pain to track them all.
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KevinJ of Kansas
09/08/2021, 9:57 PMUh... something is missing here
KevinJ of Kansas
09/08/2021, 9:58 PMSo the customer refund definitely can't hit the customer deposits directly
KevinJ of Kansas
09/08/2021, 9:59 PMwell, maybe. Brain not working
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Amanda Morris CPA CMA CPIM CGMA
09/08/2021, 10:00 PMThat is how I feel about the entire thing haha
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KevinJ of Kansas
09/08/2021, 10:00 PMShouldn't there be a deposit application that gets created when you refund the credit memo
KevinJ of Kansas
09/08/2021, 10:00 PMthat takes it out of the deposit account and puts it in your trade a/r account?
KevinJ of Kansas
09/08/2021, 10:01 PMI mean, you could always invoice something with a placeholder item and apply deposit to that - and then create a credit memo and refund that instead
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Amanda Morris CPA CMA CPIM CGMA
09/08/2021, 10:01 PMThere is no credit memo. It is just a sales order and a customer deposit. I need to refund deposit when the customer cancels the sales order.
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KevinJ of Kansas
09/08/2021, 10:01 PMCall the item "Deposit Return" or something - have it hit an account that has no other activity in it
KevinJ of Kansas
09/08/2021, 10:02 PMthen the amount of the deposit becomes available to refund to the customer - even if it's not "the deposit" itself
KevinJ of Kansas
09/08/2021, 10:02 PMand the GL impact of it all nets neutral
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Amanda Morris CPA CMA CPIM CGMA
09/08/2021, 10:02 PMmaybe an idea!
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KevinJ of Kansas
09/08/2021, 10:03 PMThat said - I feel like I've refunded deposits before at other clients
KevinJ of Kansas
09/08/2021, 10:04 PMand I hope I'm accountant enough to have looked at that and validated that it was doing the right thing
KevinJ of Kansas
09/08/2021, 10:04 PMhold on. I'm gonna go play with this in a demo account for a sec
KevinJ of Kansas
09/08/2021, 10:04 PMcause now I'm curious
KevinJ of Kansas
09/08/2021, 10:10 PMmessage has been deleted
KevinJ of Kansas
09/08/2021, 10:10 PMSo I just created a deposit from an SO - and refunded it. The GL impact on the transactions is as you specify - but my TB showed zero activity. Had to show zeroes. This is what showed when I zoomed in
KevinJ of Kansas
09/08/2021, 10:11 PMSo it did create a deposit application to the customer refund as I expected
KevinJ of Kansas
09/08/2021, 10:12 PMmessage has been deleted
KevinJ of Kansas
09/08/2021, 10:13 PMSo while it "looks" wrong on the individual transactions - the correct transaction should be created in the background and if you dig, it should be there
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KevinJ of Kansas
09/08/2021, 10:14 PMmessage has been deleted
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Amanda Morris CPA CMA CPIM CGMA
09/08/2021, 10:22 PMThanks so much. I will run through this in ours and see what happens
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