Customer Transaction GL Impact in NetSuite

🚨 Understand the General Ledger Impact of Customer Transactions in NetSuite 🚨

This tutorial explains how different customer transactions affect the General Ledger (GL) in NetSuite, giving you a clearer understanding of their accounting implications.

Step-by-Step Guide 📋

1. Customer Payments 💰

• GL Impact:
  • Increases: Undeposited funds.
  • Decreases: Accounts receivable (AR).

2. Customer Deposits 🏦

• GL Impact:
  • Increases: Customer deposits.
  • Increases: Undeposited funds.

3. Return Receipts (NSPOS Only) 🔄

• GL Impact:
  • Increases: Inventory asset.
  • Decreases: Cost of goods sold (COGS).

4. Credit Memos 🧾

• GL Impact:
  • Decreases: Accounts receivable (AR).
  • Decreases: Sales income.

5. Customer Refunds 💸

• GL Impact:
  • Decreases: Sales income.
  • Decreases: Checking account balance.

6. Key Notes 📝

• Each transaction type impacts specific GL accounts differently.
• Customer Payments and Deposits increase undeposited funds while reducing AR or adding deposits.
• Credit Memos and Refunds decrease sales income and may reduce AR or affect cash accounts.

Congratulations! 🎊 You now understand the General Ledger impact of various customer transactions in NetSuite. 🌟🎉

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