RE: Purchase Order Balance Remaining
Hi group, I’m looking for best practices on issuing a purchase order with a total approved amount for professional services (non inventory) and then applying incremental vendor bills against the PO and showing a balance remaining.
Unfortunately NetSuite does not track POs for monetary value, but only for quantity. So for example, if you have a quantity of 1 of “Professional Services” worth $10,000, and you bill that for 1 quantity and $1, NS considers the PO closed, because the quantity was billed. the value is irrelevant,
So for your situation, you can do one of two things:
If your professional services have a stable hourly rate, set the quantity of the line to the number of hours. Then, as the vendor bills hours, make sure to bill the correct amount of hours.
Alternatively, if the number of hours won’t work, then you may be forced to set the quantity to the dollar value. So if you have a PO for $10,000, set the quantity to 10,000 as well. Then when you bill, bill 1:1 match of quantity and hours.