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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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