HOW TO REVERSE VENDOR PREPAYMENT

AI generated answer (using internal Slack threads):

To reverse a vendor prepayment in NetSuite, you can follow these steps: 1. Create a non-inventory/other charge item called vendor prepayment and have it post to a prepaid purchases account. 2. Add a line to the purchase order for the amount of the overpayment using this item. 3. Directly below, add another line with the same item but with a negative amount and a memo of “prepayment reversal”. 4. Bill and pay the first line. Then when the whole PO is received, bill the actual item lines along with the negative amount to pay the balance less prepayment. This method allows you to track and reverse vendor prepayments effectively. However, it's important to note that this is a workaround and may not be the most efficient method for all businesses. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******