Product Alert: Upaya Vendor Payment Fee
By Inah Maria Cristina Bejec ,FP&A Functional Consultant
Upaya’s goal is to delight our Clients by helping them make the most of what NetSuite can do. Upaya has been creating a lot of products to automate manual processes. Our latest product, which is Upaya Vendor Payment Fee, does just that. It automates the recording of associated fees, like wire fee, when sending payment to the vendor.
When a bill is created in NetSuite and will be paid via wire transfer, there is an equivalent wire fee. Under normal circumstances, the journal entry to record the wire fee is a separate line item when the bill is paid. This is ideal if you have one or two bills payment to process. But what if you have a lot? Then it will become tedious and cumbersome to do that.
This is where we come in. If the wire fee is available at the vendor record, then that wire fee is automatically posted when the bill is paid.
Our script runs that a journal entry is created to record the wire fee by a debit to the Expense Account and a credit to the Cash account. The JE can be pending approval or automatically approved. It will depend on your JE Approval preference.
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