Managing a large number of vendors in the retail space can be challenging, especially when it comes to tracking and reconciling invoices. While NetSuite’s native functionality allows for creating customer statements, it doesn’t cover the creation and sending of vendor statements—an essential feature for many retail businesses.
NetSuite Vendor Statement by Tvarana fills this gap. This SuiteApp provides a solution to streamline vendor management, allowing you to generate statements that include vendor invoices, bill payments, journals, and bill credits—all in one place. Just like NetSuite’s Customer Statements, Vendor Statement enables you to create and send statements to vendors, keeping them informed of outstanding invoices and improving payment management.
How to use Vendor Statement:
- Find the Vendor Statement page by navigating to Transactions > Purchases > Vendor Statement
- Following the above navigation opens the Vendor Statement screen with a complete list of vendors and a number of categories for filtering such as Vendor Category, Show Only Open Transactions, Include Zero Balance, Exclude Aging Balance and Select Currency
- Once vendors have been filtered based on desired categories, Vendor Statement can generate statements either to print or to be emailed out
- Choose from customized templates in the dropdown list under the Email Template option in order to send an email with the statement as an attachment to your vendors.
- The email address field will be auto-populated with the bulk emails IDs entered during configuration of the vendor record. You can also manually enter a total of 10 additional email IDs in the provided field.
- Click on the Mark All button to generate statements for all filtered vendors in the list. Alternately, click the Unmark All button and manually select vendors from the display list. These actions are only applicable to the current page of results
- The Statements in Queue field displays the number of vendors selected for whom statements will be generated
- Click on either the Print or Email button to generate your statements
- The generated PDF statement opens in a new tab of your browser when you select Print displaying the criteria selected during the filtering process
- If you select the Email option, the app generates vendor statements for all marked vendors, which are sent as an attachment to the email addresses in the Email field. You will receive a summary email in your inbox with information such as number of vendors processed, number of failures, number of successes etc.
Managing vendor payments is crucial in the fast-paced retail industry, where maintaining smooth operations relies heavily on clear, organized financial processes. With Vendor Statement, retail businesses can stay on top of payments, improve relationships with vendors, and streamline invoice reconciliation.
Interested in learning more about the Vendor Statement Suiteapp? Talk to an expert today!
