NetSuite Tutorial | How To Void an Invoice in NetSuite

NetSuite Training Summary

In this tutorial, Ron is guiding through a step-by-step process of how to void an invoice in NetSuite.

Delve into the intricacies of voiding invoices within NetSuite through this enlightening video presentation. Discover the rationale behind NetSuite’s method, which necessitates generating a credit memo instead of merely designating an invoice as void—a distinctive process compared to other ERP systems and accounting platforms.

Gain insights into the four primary reasons driving this approach: maintaining accounting accuracy, facilitating reconciliation processes, ensuring compliance with regulatory standards, and establishing a comprehensive audit trail for financial transactions.

Follow along with a detailed, step-by-step tutorial on how to create a credit memo that aligns with the value of the invoice being voided. Additionally, receive valuable guidance on managing scenarios involving excess payments made towards an invoice that is subsequently voided, ensuring efficient handling of such situations within the NetSuite environment.

Learn how to:

– Locate and select the invoice you wish to void from the list of transactions.

– Open the invoice record and identify the ‘Void’ option.

– Confirm the void action, ensuring you understand the implications.

– Verify that the invoice is successfully voided and no longer reflects as outstanding.

– Review any associated transactions or accounts affected by the voiding process.