Shared Transactions - Shared Payments - Accepting Customer Payments on Behalf of Another Subsidiary

Overview

Shared Payments enables companies to accept customer payments in one subsidiary on behalf of another. The following walkthrough explains this process.

Step-by-step process

1. Navigate to the desired invoice or create the new invoice via Transactions > Sales > Create Invoices.
2. On the Custom tab select the desired company to collect the invoice payment in the field Shared Payment Subsidiary. View full size
3. Select Save. View full size
4. Once the invoice has saved a new subtab Shared Payments will appear. Here, you'll find the Shared Payments Journal that was automatically created. View full size
5. The Shared Payment Journal will be an Advanced Intercompany Journal that will appear as follows. View full size
6. Next, the customer payment can be accepted by navigating to Transactions > Customers > Accept Customer Payments.
7. Select the Customer and the Subsidiary that will be receiving payment. View full size
8. Select the Shared Payment Journal Entry that was just created. View full size
9. Select Save and the payment will be created. View full size
10. Once Saved, the Shared Payment Journal will show the payment under the Related Records subtab. View full size
11. The original invoice will also show a status of Paid in Full with a link to the Shared Payments Journal on the History subtab. View full size

Creating the journal when the customer pays

By default, Shared Payments creates the journal when you save the invoice and dates it to the invoice. To keep the receivable in the invoice's subsidiary until the customer pays, turn on Create Shared Payments Journal at Payment (AR) under Shared Payments Preferences on Netgain > Setup > System Setup. For the setting, see Shared Transactions System Setup.

The AR setting applies to invoices only. Vendor bills have their own setting, Create Shared Payments Journal at Payment (AP), and keep getting their journal when the bill is saved while only the AR setting is on. For the bill side, see Shared Transactions - Shared Payments - Paying Bills on Behalf of Another Subsidiary.

Step-by-step process

1. Open the invoice, enter a value in the Shared Payment Subsidiary field and click Save. No journal is created yet, and the receivable stays in the invoice's subsidiary.
2. Record the customer payment against the invoice in the invoice's own subsidiary, for example from Transactions > Customers > Accept Customer Payments. Do not apply it to a Shared Payments journal, because none exists yet.
3. When the customer payment saves, Shared Payments creates the journal and dates it to the payment. It then changes the payment's subsidiary to the Shared Payment Subsidiary and its account to that subsidiary's, applies the payment to the journal, and closes the invoice. The payment keeps its customer.

The journal covers the full amount of the invoice, even when the first payment is a partial one. The reroute works for payments entered in NetSuite and for payments created through the REST API. It does not depend on the Initiate Shared Payments from Source setting, which is applied automatically while the AR setting is on. Set the Shared Payments Bank Account field on the invoice if the receiving subsidiary has more than one bank account and you want a specific one.