How to Process a Vendor Credit Refund to a Company Credit Card in NetSuite

To process a vendor credit refund to a company credit card in NetSuite, follow these steps:

1. Create the Vendor Credit and Record the Deposit:

2. Create the vendor credit in NetSuite.

3. Navigate to Transactions > Bank > Make Deposit.

4. On the Deposits tab, click Other.

5. Select the Accounts Payable account (ensure it is the same payable account used in the Vendor Credit).

6. Enter the amount of the Vendor Credit.

7. Enter the Vendor's name.

8. Navigate to the Cash Back tab.

9. Select the appropriate Credit Card Account.

10. Enter the amount of the Vendor Credit. This action will close the Accounts Payable and debit the Credit Card balance due to the refund.

11. Close the Vendor Credit:

    To close the Vendor Credit, process a Pay Single Vendor transaction. Within this transaction, the deposit will be available to apply against the vendor credit, effectively offsetting and closing it.

    Option 2: Using a Journal Entry

    Alternatively, a Journal Entry can be used as the initial step:

12. Create the Journal Entry:

13. Navigate to Transactions > Financial > Make Journal Entries.

14. Debit the Credit Card Account.

15. Credit the Accounts Payable account used in the Vendor Credit.

16. Ensure the Vendor's name is selected in the Name field next to the Accounts Payable line.

17. Close the Vendor Credit with the Journal Entry:

    To close the Vendor Credit using this Journal Entry, process a Vendor Payment transaction. Within this transaction, the Journal Entry can be applied against the vendor credit, effectively offsetting and closing it.