Hi All, our new controller is trying to clean up improperly paid POs in NEtSuite. These PO’s were paid by either stand alone vendor bills or Journal entries. We want to generate the vendor bill from those PO’s that have already been paid to clean up the GL account Is it possible to make a fake payment in NetSuite on the vendor bill to a clearing account account? The only accounts i am able to see when doing the Bill payment are cash accounts, can we use a different account or do we have to use reversal journals on these? Thanx

Yes, you can "fake" a payment using a clearing account, but NetSuite only allows Bill Payments from cash accounts. Potential options... (brainstorming)... 1. Use a Clearing Bank Account (if allowed) • Create a Bank Type account called "Clearing Account." • Pay the vendor bill using this account. • Reverse the incorrect payment via a Journal Entry. 2. Reversing Journal Entries (if clearing account isn’t allowed) • Create a vendor bill for the PO. • Reverse the incorrect payment via Journal Entry (debit incorrect account, credit AP). • Apply the JE to the vendor bill to mark it as paid. 3. Vendor Prepayment (alternative method) • Create a vendor prepayment to a clearing account. • Apply the prepayment to the vendor bill. Best approach? If possible, use a clearing account in Bill Payment. I also like this option for audit trail tracking purposes. You could make it clear what the GL was created for then inactivate it after it's served its purpose. If restricted, go with a reversal JE.

Thank you for your help. Thats what i was seeing with the cash account and wanted to confirm this was the correct approach.