how is a "credit wallet" for customers modeled in Netsuite? (as in, allowing customers to send money in advance for services)? we want to allow customers to prepay certain services that we have to repay to vendors

AI generated answer (using internal Slack threads):

In NetSuite, a "credit wallet" or prepayment system for customers can be modeled using a few different methods. One common approach is to use a credit memo that gets auto-applied to future invoices. This allows you to track the credit balance and apply it as needed when new invoices are generated. This method is often used in conjunction with subscription billing software. Another method is to use an unapplied payment or a customer deposit. This depends on whether you need a liability to go with your cash. These options allow you to record the prepayment and apply it to future invoices as they are generated. For prepayment of purchase orders, NetSuite Professional Services offers a SuiteSolution that might be worth considering. This solution is designed to handle vendor prepayments and could potentially be adapted for customer prepayments. For handling a line of credit, NetSuite has a Credit limit option for customers. For a line of credit from a lender, you could use journal entries to move from a long-term liability account to a bank account. Another approach is to post the drawdown as a Bank Deposit to the bank with account selection for the liability account. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******