NetSuite Electronic Payments Bundle: Using Electronic Payments

By - September 10, 2013

Remember those days when you received your wages in check as an employee, deposited the check in the bank and had to wait several days for the money to be available to you?  For business owners, check printing/payment process required check signing.  In general, international payments require wire transfers where you would have to manually record the payments in your accounting system.  Why go through all the hassle?  Using NetSuite’s Electronic Payments, there is no need to wait, no need to waste paper, and no need to reach out to third-party vendors to integrate the systems.  Install NetSuite’s Electronic Payments module to send payments to vendors/employees and receive payments from customers within your company’s country of operations.

Payment files are generated from NetSuite based on the entered payables and receivables transactions.  The files are usually in comma-delimited ASCII format or in XML and may contain information such as transaction codes, transaction amount, applicable taxes, Bank/State/Branch number, account names, and account numbers of the remitter and payee.  You can then import the payments files in to your bank’s payment software or submit them electronically to your bank for processing.

Some of the supported formats:

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Sample generated U.S. file to be uploaded to the bank’s portal for payment processing:

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The best part is that with the streamlined process, your payments are made in time efficiently and your books are updated with the appropriate postings to accounts payable and cash in real-time with audit trail.

Tip:  You can import the Vendor/Employee and Customer bank details (account information) using NetSuite’s Import Assistant:  Import Type = Custom Records, Record Type = Entity Bank Details Import Options: Advanced Options: Custom Form = Standard Entity Bank Details From.  Make sure that Vendor and Employee records have the “EFT Bill Payment” box checked.

If you would like more insights into NetSuite and information on how we can assist you with your NetSuite needs, please contact the RSM NetSuite practice at erp@mcgladrey.com or call 855.437.7202.

By: Kei Mou – http://mcgladrey.com/NetSuite/NetSuite

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