Session 5: Projects, Accounts Payable and Checks

Creating a Project Record

     Important: The following section describes NetSuite’s “basic” project functionality. It does not show the features included with the Advanced Projects or Project Management add-on. Purchasing the Project Management may be required for some functionality you need.

Projects are special records created and associated with specific Customers. A Project record can include information related to a grant, including the start and end date, status, related files. However, we recommend using the Grant Custom Record which is created when you created the Grant Custom Segment, plus the Sales Order to track your Grants.  You should  only use projects if you need to track time and/or expense reports against a specific project for a Grant. Using the project record will add some functionality, but may complicate data entry and reporting.

A Project record is different from the Grant dimension used in the Fund classification described in Session 1. The project record is often referred to as job within NetSuite.

To create a Project record from a Customer record, go to the Customer record and:

Sales > Projects > New Project

•        Enter the Name of the grant or project effort
•        Choose the Status of the grant or project effort
•        Enter a Date; this can be today’s date, the grant’s formal start date or any other relevant date
•        On the Relationships tab, enter Project Contacts, whether internal, external or both
•        On the Communication tab, click the Files subtab
  •    Click the Attach File dropdown, then choose New to follow the steps to upload a Grant or Project file
•        If the Grant will be billed for reimbursement, click the Address tab and then the pencil icon to the far right of the address row to open the Address form. Complete the form, then click OK
•        Save the Project record

The Project record will now appear on the Sales > Projects tab of the Customer record.

Entering Bills and Bill Payments

This section focuses on vendors and vendor transactions; shows grantees how to enter vendor bills, apply payments, account for EFTs versus checks, and manage A/P.

Creating Vendor Bills

To create a bill, go to:

Transactions > Payables > Enter Bills

•        Choose a Vendor from the Vendor dropdown
•        Enter the bill date in the Date field
  •    The Due Date field will automatically populate if the Terms field on the Vendor record is set
•        On the Expenses and Items tab and the Expenses subtab, choose the account from the Chart of Accounts that the expense applies to.
•        Enter the amount
•        Enter a description
•        If you established Departments, Locations, Classes and Custom Segments, choose the appropriate setting from each dropdown
•        Click Save

Applying Vendor Payments

Vendor bills can be paid either directly on the bill itself or through a “Pay Bills” process. Use the Pay Bills feature when multiple bills are paid together in one payment. To use the Pay Bills feature, go to:

Transactions > Payables > Pay Bills

•        Choose the account from which the payment will be made
•        Enter the Date
•        Check the bills to be paid
•        Click Save
•        On the following screen, click Refresh to view the status. When the Status is complete, click the Bill Payment number
•        Click Edit on the Bill payment to add any additional details needed

To access a list of Bills, go to:

Transactions > Payables > Enter Bills > List

•        Click View for the open bill to which a payment will be applied
•        Click the Make Payment button
•        Ensure the bill to be paid is checked in the Apply list
•        Enter the check cumber in the Check field
•        Add Memos as needed
•        Click Save

Writing Checks

Checks to vendors, employees, customers and other entities can be entered without using the Bill and Bill Pay (A/P) process. Checks entered in this way can be printed from NetSuite or used as reference to a check written from a checkbook. To write a check, go to:

Transactions > Bank > Write Checks

•        Choose the Checking Account
•        Choose the Payee
•        The Amount field will populate based on the values entered below
•        Enter the Date
  •    The posting period will auto-fill
•        Printing:
  •      If you intend to print the check, choose the To be Printed box
  •    If you are entering a check in NetSuite to record a physical check written from a checkbook, do not check the To Be Printed box and enter the number of the physical check written
•        Enter a check memo
•        From the Account dropdown in the Expenses & Items tab, choose the appropriate expense account      
•        Enter the amount and a memo or description for the specific expense
•        Choose values from any or all Segments
•        Click the blue Add button and continue adding expenses until finished
•        Click Save

Printing Checks and Forms

If you are planning to print checks from NetSuite, you’ll use the To Be Printed checkbox on Checks and Bill Payments. This box puts the check or bill payment in a printing queue.

To access the print queue, go to:

Transactions > Management > Print Checks and Forms

•        Click Checks
•        Choose the bank account from which the checks should be printed
  •    Note that only checks written from the respective account will show
•        The checks pending from this account will populate the section below
•        The next check number will autofill. This number can be changed in case a check is voided or otherwise skipped.
•        Choose either Standard or Voucher (one check, two vouchers) type
•        Choose the checks to be printed
•        Click Print
•        A PDF file will open. Ensure the checks are loaded in the printer and then Print

       Important: Ordering checks that match the NetSuite print layout and format is recommended. You can order checks from www.netsuiteforms.com.

Accessing Vendor-Specific Transactions

All Vendor transactions can be accessed via the Vendor record itself. To locate, open and review Transactions and other records, open the Vendor record and go to:

Financial Tab > Transactions

•        By default, all transactions are listed. The filters below the Transactions tab enable you to restrict to certain transaction types or statuses
•        All transactions can be opened from the Customer record

A/P Reports

You can view and manage Payables through a series of Standard Reports. To view A/P reports, go to:

Reports > Vendors/Payables

•        A/P Aging
  •    Change the reporting date
  •    Select the Aging Options button to review options
•        A/P Register
  •    Lists all posting bills and payments by Vendor
•        A/P History by Bill
•        A/P History by Bill Payment