Reconciling Customer Credit Card Payments in NetSuite with Merchant e-Solutions

NetSuite offers the ability to process credit card transactions instantly over the internet by integrating with different payment gateways. These gateways are set up to allow for authorizing and charging credit cards without leaving the native NetSuite user interface. The ability to process credit card transactions without disrupting the user experience provides significant efficiencies by reducing duplicate entry in other third party systems and websites.

However, users with a significant number of credit card transactions have experienced a down-stream issue with processing credit cards in NetSuite. When the accounting team attempts to reconcile a bank statement or process a bank deposit in NetSuite, they are unable to easily decipher which credit card transactions have actually been deposited to the bank.

Merchant e-Solutions, one of the credit card processing gateways integrated with NetSuite, has provided a free bundle to ease the pain of reconciling credit card transactions. Below are visual guides and explanations of the benefits of the reconciliation bundle:

• By entering your company’s Merchant ID, Username & Password in the custom script deployment, your credit card transactions will be reconciled with Merchant e-Solution’s back end on a regularly scheduled basis.

• After the regularly scheduled sync (usually nightly) with Merchant e-Solutions, the credit card transactions in your NetSuite account will now have values in the following new fields: Credit Card Deposit Date, Credit Card Settled Amount, Credit Card Batch and Credit Card Deposit Reference. (click on the image to zoom)

• The newly synced information can also be displayed on the New Deposit form to allow for sorting and filtering the credit card transactions. (click on the image to zoom)

Using the new Credit Card Batch field, your accounting team will be presented with the data points needed to reconcile NetSuite transaction records to actual bank deposits.

For more information on this solution or other third party solutions for NetSuite, contact our professionals at erp@mcgladrey.com or by phone at 855.437.7202.  RSM has over thirty years of experiencing implementing ERP solutions and can help you with selecting the add-on solutions for your specific needs.

By: Tyler Cronk – Minnesota NetSuite Solution Provider

Tyler Cronk