How-To Tuesday: Set Up Purchase Contracts in NetSuite

From the Home Dashboard, go to Transactions > Purchases > Enter Purchase Contracts.

This will bring you to the Purchase Contract form to fill out.

Choose your Vendor.

Select yourself as the Employee creating the contract.

Fill in the Start and End dates of the time period that the contract will be active.

The Minimum amount is the minimum amount needed to be spent to get the discount/promotion.

The Maximum pertains to, if you as the employee have a maximum amount you are permitted to negotiate.

Select your Department, Location, and Brand as applicable.

Go to the Items Subtab.

On the line level, select your Item and enter the Base Rate.?

Under Additional Pricing, click the +, and then the little pencil to open up the window to set up the terms of the promotion or discount.

For Calculate Quantity of Discounts, choose from the dropdown if the discount is calculated by Line Quantity, Overall Item Quantity, or Overall Contracted PO Item Quantity.?

For Input Using, choose from the dropdown if the discount is by Rate, or by Percentage.

Then set up the quantities and discounts associated with each increment.

*FYI, you must put a “-“ ( minus sign) before the discounted rate or percentage or it will appear as an upcharge instead of a discount.

Click Add after each one and then OK when finished.

SAVE when complete.

Now when you create your Purchase Order there will be a dropdown to select the Purchase Contract that corresponds to that Vendor. As you enter the line information on the Purchase Order form, the discounts will reflect on the cost of the items once the Purchase Order is complete.?

Reach out to our NetSuite experts today for more how-to's: https://www.getgsi.com/contact-netsuite-experts