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In Netsuite, you have the option to install an additional Suite App Bundle named “Electronic Bank Payments” (id 339110). This bundle is also often named “EFT module” or “Batch payments”. The bundle allows the user to create payment batches or direct payment debit batches that can be imported directly into your online bank portal by hand or with the use of the Fast Four SFTP Connector. In most situations, the bank will process the Batch as one line on the bank statement, but it can happen that the bank provides feedback with individual lines. Often it's possible to change the behavior by editing a particular parameter in the “Payment File Template”. We recommend contacting your bank for more information if needed. In this documentation, we will provide the best practices for both situations.
Configuration
To enable the option to reconcile EFT batches with the Bank Reconciliation you must alter the general settings in the Bank Reconciliation Suite App and create an additional field on the “Payment File Administration”.
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Now save the new Payment File Administration field by pressing the blue button labeled “Save”. The new field is now created and can be used by the Bank Reconciliation Suite App
Reconciling EFT Batches
Depending on your bank and “Payment File Template” settings the bank will provide feedback as one mainline or as individual transaction lines. Below we will explain the best practice for both scenarios.
Reconcile One Line Feedback
On the bank statement line, there is a column labeled “Alt Match Type”. If you select this field on the bank statement you will get a dropdown with several options. One of the presented options is “Netsuite Electronic Payment Batch”.
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