One of the most complicated and laborious task is to communicate the details of pending payments and clearing payments to vendors.
Clearing of pending payments in time is important for all organizations. The major advantages of clearing the pending payments on timely basis is that, that once the organization clears the pending payments of the vendors, the vendor can supply fresh orders/services to the organization so that the cycle of demand and supply keeps on moving continuously.
The in-house team at Tvarana has developed an app called “Vendor Statement App” which helps in preparing vendor statement for payments that are pending on organizations side. Since the launch of this app, users have found it extremely useful and given positive reviews about it.
Some of the major advantages of this app are as follows:
A. Vendor statement app helps in preparing statements of pending payments of vendors that needs to be cleared by organizations. This saves time by helping in preparing statements instantaneously using filters available in app.
B. It helps in fulfilling the statutory audit requirement as it helps in preparing the account statement for each vendor.
C. It helps in preparing the statement of open balances with vendors as per aging days.
D. It helps in preparing vendor Statements as per desired currency irrespective of original currency in which invoice was prepared.
E. Vendor statement app helps in preparing the financial statement in current exchange rate i.e if the vendor invoice was prepared 1 year back then you can generate the vendor invoice as per current exchange rate.
F. Vendor statement app helps in covering various financial details such as Vendor Invoices, Balance forward, Discount details, Bill payments, Journals and Bill credits within single statements. This makes it convenient for account department to cover details in single statement which reduces process of preparing statements individually thereby reducing chances of manual error.
Vendor Statement App is built similar to Customer Statements functionality (used for preparing customer statements) with additional enhancements like Vendor statement app provides loads of features to help NetSuite users manage their vendor payments easily.
Some of the crucial features of “Vendor statements app” are as follows :
A. Vendor Statement App can be used to search list of all Vendors which have open balances and consolidated Emails functionality can be used to send consolidated emails of all pending payment statements belonging to respective vendors using a single click.
B. Email notification functionality can be used to send pending payment statements to vendors directly as an email attachment.
C. Bulk Print and Email functionality helps the users to print or email the vendor statements in bulk quantity. This functionality also helps in saving manual errors that can occur while preparing payment statements in different currencies for cross country transactions.
D. Vendor statement app contains a feature with which pending payment statements can be generated for multiple vendors using single view and search filter functionality. This helps in saving time which may otherwise get wasted in preparing complex reports.
E. The vendor statement app helps in preparing reports which contains details of transactions such as transaction date, transaction no, transaction type, credit, debit, running balance, and vendor details for respective vendor.
F. Details of all email transactions can be recorded using Vendor Statement app for future reference. This helps in keeping track of information exchange that is happening with vendors.
With more than decades of experiences and a team of in-house experts, Tvarana is a one-stop NetSuite Support services provider and NetSuite ERP implementation partner of NetSuite’s all-in-one ERP Software.