With the new year beginning and accounting teams working busily to close the prior year financials one of the biggest errors we see is offsetting journal entries stuck on your A/P Aging report. If you are posting offsetting journals that post to your Accounts Payable transaction without first adding an “A/P Clearing Vendor” you might be asking how to clean up your reporting. Below we will walk you step by step on how to clear up your A/P Aging and remove these transactions entirely.
Steps to Create a Vendor to Utilize for A/P Clearing:
- Navigate to List > Relationships > Vendors > New
- Set the following fields:
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- Company Name – choose sometime clear like “A/P Clearing Vendor” to identify that it is only used for internal purposes.
- Subsidiary
- Primary Currency if you manage a multi-currency NetSuite instance.
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- Click Save
Steps to Create a Bill Payment to Apply Journal Entries Against Each Other:
- Using an Administrator role, navigate to Transactions > Payables > Pay Single Vendor
- On the Bill Payment page, set the following fields:
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- A/P Account
- Account
- Payee
- Date
- Posting Period
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- Click Apply tab then mark the 2 Journal Entries
- Click Save
Now your A/P Aging report is clear of offsetting transactions and you can focus on open payables.
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