1. Order Management
  2. Sales Orders and Cash Sales
  3. Sales Orders
  4. Creating Sales Orders
  5. Entering Accounting information about a Sales Transaction

Entering Accounting information about a Sales Transaction

The Accounting subtab tracks the financial impact of sales transactions.

On this subtab, you can determine which account is impacted by the transaction and set the customer currency and exchange rate to use. If you use the Revenue Commitments feature, you can have a commitment created in place of the invoice or commitment reversal. If you use the VSOE feature, you can choose to create a VSOE bundle upon saving the transaction.

Depending on the type of transaction you are entering and which form you are using, some of the fields below might not apply.

To enter accounting information about a sales transaction:

  1. Click the Accounting subtab.

  2. For cash sales:

    • If you receive payment by cash or check, select Undep. Funds.

      After the money is deposited, go to Transactions > Make Deposits to record your deposit.

    • If you receive payment by credit card, select Account, and choose which account will be credited.

  3. For invoices, in the Account field, select the Accounts Receivable account impacted by this transaction.

    Note:

    The Account list includes all accounts receivable account types. The account used for your most recent invoice is the active account in the list. You can change the account by selecting it from the Account list.

  4. If the customer uses multiple currencies, in the Currency field, you can select the currency you want to use for this transaction. The customer's primary currency is selected by default. For more information, see Customers and Multiple Currencies.

    If you change the currency, NetSuite updates prices and amounts to the currency you select.

    You can change the exchange rate for this transaction only, or you can update the currency record with the exchange rate you enter here.

  5. If you use the Revenue Commitments feature, under Revenue, check the Rev Rec on Rec Commit box if you want to create a revenue commitment or revenue commitment reversal.

    On sales orders, the revenue commitment is created in place of an invoice. On a return authorization, the revenue commitment reversal is created in place of a credit memo or refund.

    NetSuite automatically creates all required revenue recognition schedules for the resulting commitment or commitment reversal.

  6. If you use the VSOE feature:

    • Check the Transaction is VSOE Bundle box if you want a VSOE bundle created when you save this transaction that includes all the items on this transaction.

    • Check the Auto Calculate VSOE Allocation box if you want to calculate the VSOE allocation amount automatically when you save this transaction.

Related Topics

General Notices