It can be tough to keep track of all the moving parts in a business, especially when it comes to payments.
You need a system that can handle all the different aspects of paying for goods and services. NetSuite’s procure to pay process is designed to make your life easier by automating and streamlining payment procedures.
In this blog post, we’ll take a deep dive into the procure to pay process NetSuite and how NetSuite can help you streamline it.
What is the procure to pay process in NetSuite?
The procure to pay process in NetSuite is the sequence of activities that must take place to procure and pay for goods and services.
The process typically starts with creating a purchase order, then sent to the supplier. The supplier then sends back a confirmation, and the order is processed and paid for.
Steps involved in procure to pay process NetSuite
The procure-to-pay process in NetSuite is an eight-step process that helps businesses manage and track their spending. The steps involved are:
To create a vendor in NetSuite, you must go to the Purchasing tab and click on Vendors. Then, click on the” New Vendor” button and fill out the required information.
To create an item in NetSuite, go-to list and select items. You will then need to provide a name for the item. After that, you will be able to add more details about the item, such as a description, pricing information, and supplier information.
Create a requisition
A purchase requisition is a request for goods or services from a supplier. This can be done by going to “Transactions” and clicking on the” Requisition” button. Next, enter the vendor information, such as the vendor’s name, the address, and the contact information.
Then choose the items you want to purchase and enter the quantity and unit price for each item. Finally, choose the payment terms and submit the requisition.
Approve the requisition
The requisition will need to be approved by a supervisor or manager. To do this, go to “Transactions” and then click on the “Requisition” button. Next, find the requisition you want to approve and click the “Approve” button.
Create a purchase order
Once the requisition has been approved, you can create a purchase order. A purchase order is an official document sent to a supplier detailing the ordered goods or services. To do this, go to “Transactions” and click on the “Purchase Order” button.
Enter the vendor information and choose the items that you want to purchase. Enter the quantity and unit price for each item. Choose the ship-to address and the delivery date. Submit the purchase order.
Create a receipt for goods or services
Once the goods or services have been received, you must create a receipt. Go to “Transactions” and click on the “Receipt” button.
Enter the vendor information and choose the items that you have received. Enter the quantity and unit price for each item. Choose the ship-to address and the delivery date. Submit the receipt.
Create an invoice
After the goods have been received, you will need to create an invoice. To do this, go to “Transactions” and click on the” Invoice” button.
Enter the vendor information, the purchase order number, and the date of the invoice. Next, choose the items you want to include on the invoice and enter the quantity and unit price for each item. Finally, select the terms of payment and submit the invoice.
Make a payment
Once the invoice has been paid, the payment will need to be entered into NetSuite. To do this, go to “Transactions” and click on the” Payments” button.
Find the payment you want to enter and click on the “Details” button. Then, enter the information about the payment and submit the payment.
The benefits of using NetSuite for the procure to pay process
The benefits of using NetSuite for the procure to pay process include:
- A centralized system that can be used to track all spending
- Easy to use interface
- Helps businesses manage their cash flow
- It can be used to track purchase orders, invoices, and payments
- Can help companies to save money by getting discounts from suppliers
- It helps businesses stay organized and efficient
NetSuite’s procure to pay process is a detailed illustration of the entire procurement cycle. This article explains each step of the process and how it works in NetSuite. By understanding the procure to pay process, companies can streamline their purchasing procedures and improve their bottom line.