Account for Trade-ins in Netsuite

Accounting for Trade-in Transactions

 

1.       Setup an item in Netsuite for the item that is to be received as a payment for the sale (Lists > Accounting > Items > New)

2.       Record the sale of the item by creating a sales order, fulfilling it and invoicing it.

3.       Then record the receipt of the item as a form of payment of the sale by creating a stand alone credit memo ( Transactions > Customers > Issue Credit memo)

4.       Then apply the credit memo issued as a payment for the sale to the customer. To do this just hit on the Accept payment button on the invoice that is for the sale then apply the stand alone credit memo created.

 

NOTE: If customer would like to have an inventory value on the item that is received as a result of the sale, just create an inventory adjustment for this by decreasing the same item with the quantity received on the first line and increasing it with the same quantity on the second line.