How do I enter a bill for a vendor that we don't have in our system and we will never use again?
I have to pay someone who isn't a regular vendor in our system. I just need to enter their name to get a check printed. What do I do?
NOTE: Only select NetSuite users, namely Amy Robertson, April Lancaster, Kim Gilges, and LaVelle Burnam have the permissions to manage vendor data in NetSuite
Article from NetSuite:
While NetSuite doesn't have a specific "one-time vendor" option, here's how to handle it and best practices:
1. Create a New Vendor Record: Even for a one-time vendor, it's best to create a record. This maintains accurate transaction history and simplifies things if they become a recurring vendor later.
Go to Transactions > Payables > Enter Bills. In the "Vendor" field, click the drop-down arrow and select New Vendor.
Fill in the necessary information like vendor name, address, and any other relevant details. You can keep it minimal for a one-time vendor.
2. Complete the Vendor Bill:
Once the vendor record is created, complete the rest of the vendor bill as usual, including: Bill date Due date Expense account Item or expense details Amount
3. Save the Transaction: Click Save.
Best Practices:
- Consider a "One-Time Vendor" Category: Create a vendor category called "One-Time Vendor" to help with reporting and filtering later.
- Use a Generic "One-Time Vendor" Record: If you truly want to minimize vendor records, you could create a single generic "One-Time Vendor" record. However, this can make tracking and reporting more difficult.
- 1099 Considerations: If you might need to issue a 1099 to this vendor at year-end (if you pay them $600 or more in the US), ensure you collect their tax ID information when creating the record.
- 1099 Considerations: If you might need to issue a 1099 to this vendor at year-end (if you pay them $600 or more in the US), ensure you collect their tax ID information when creating the record.
Important Notes: Creating a vendor record, even for one-time transactions, is generally recommended for better record-keeping and audit trails.