Friday, April 26, 2019

Create Opening Balance for Existing Vendors

When creating new vendor records the Opening Balance field is available under the Financial tab. After saving Netsuite will automatically create a journal entry with the following GL impact:

Dr. Uncategorized Expense xx
Cr. Accounts Payable xx

Both lines will have the vendor assigned under the Name column and the Memo will indicate Opening Balance.

However, after saving the vendor record the Opening Balance field is no longer available and users are unable to assign opening balance value directly.

Users can create journal entries instead by navigating to Transactions> Financials> Make Journal Entries and assign the same values as the system generated journal entry when opening balance is assigned before saving the vendor record.

1. Users can create one journal entry to record opening balances for multiple vendors.
2. Users can also assign a different account on the debit side of the journal.

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