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 choose the account and currency for the transaction. 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 when you save the transaction.

Note:

Some fields in the following procedure might not be relevant for your specific transaction or form.

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 from your last invoice is the default. You can switch accounts by selecting a different one from the 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 switch currencies, NetSuite updates the prices and amounts.

    You can update the exchange rate for this transaction or for the entire currency record.

  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