how to process vendor prepayments

AI generated answer (using internal Slack threads):

To process vendor prepayments in NetSuite, you can follow these steps: 1. Create a vendor prepayment for the whole amount. This is done by creating a vendor bill and paying it off immediately. This will create a credit on the vendor's account. 2. When you receive the vendor invoices, you can apply the prepayment to these bills. This is done by clicking 'Apply' in the vendor prepayment record and selecting the vendor bills you want to pay using the prepayment. This will create a Vendor Prepayment Application record which lists all the vendor bills it is applied to. The Vendor Prepayment record status is now either Fully Applied or Partially Applied depending on if you used up the whole amount or not. 3. If you have multiple vendor bills associated with a single purchase order, you may need to create a custom field in the Vendor Bill for the PO relation or just through Memo. This is because NetSuite standard approach only allows for a 1:1 relation between a PO and a Vendor Bill. Please note that this process may require some customization or use of workflows to make it more seamless. Also, it's important to note that vendor refunds on prepayments may not be covered in this process and may require additional steps. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******