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In Netsuite, you have the option to install an additional Suite App Bundle named “Electronic Bank Payments” (id 339110ID 416781). This bundle is also often named “EFT module” or “Batch payments”. The bundle allows the user to create payment batches or direct 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.
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The Electronic Bank Payments module allows you to create both EFT and Direct Debit (DD) transactions. The reconciliation is done the same way for both. |
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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Reconcile Individual Lines Feedback
If the bank provides feedback as individual lines instead of one mail line then in most situations the description field on the bank statement will hold a payment number that is equal to the payment number that was created by Netsuite. The naming convention Netsuite uses is always following the pattern “payment batch number” / “Transaction line number”. If this information is indeed present the Bank Reconciliation will automatically match the individual lines. If the bank does not provide this feedback in the description it's recommended to contact the bank so that it can potentially be altered. Please note that on the bank account configuration the “/” should not be a part of the additional delimiter settings.
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If the bank is not able to provide this transaction number as the feedback you could enable the matching option on the bank account configuration named “Match Closed On Exact Match Within Date Range”. In most cases, this matching option will still be able to match the lines automatically, but it is only recommended to enable this matching option if amounts are pretty unique so the system is protected in some way against incorrect matches.
If none of the above options is a potential solution for automizing the matching the user always can proceed manually by first selecting on the line the correct entity. After selecting the entity the Bank Reconciliation Suite App will show a pop-up. In this pop-up, you first select the checkbox labeled “Show Closed Transactions”. The list that is shown should hold the expected closed transaction to reconcile against.
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