Fast Four Bank Reconciliation can be used to reconcile Payment Service Provider (PSP) payments. This document explains how.
Common Use Cases
In a webshop customers place an order online. Customer pays through a Payment Service Provider. An integration creates an order, invoice and payment in NetSuite.
Upon placing an order, users directly charge the credit card of the customer from NetSuite
User sends out an invoice from NetSuite containing a ‘Pay Now’ button. Customer clicks the button and pays the invoice online.
High-level Process
Prerequisites
Decide on what unique reference to use. This reference must exist:
In NetSuite on a transaction, in either a custom field or standard field
In the Transaction Detail Report retrieved from the PSP, that is used to import to Fast Four Bank Reconciliation
A transaction exists in NetSuite
The transaction contains the unique reference
Possible Transaction Types existing in NetSuite
Based on business needs, several processes are possible. One can for example let a webshop create a Cash Sale transaction in NetSuite. Others may choose to create a Sales Order and a Customer Deposit on the Sales Order to record the payment. Fast Four Bank Reconciliation can handle multiple scenarios.
# | Transaction Type in NetSuite | Transaction Status | Fast Four Bank Reconciliation will… |
|---|---|---|---|
1 | Invoice | Open |
|
2 | Invoice and Customer Payment | Undeposited |
|
3 | Invoice and Customer Payment | Deposited |
|
4 | Sales Order | Pending Fulfillment |
|
5 | Sales Order and Customer Deposit | Deposited |
|
6 | Cash Sale | Undeposited |
|
7 | Cash Sale | Deposited |
|
For companies selling products that need to be shipped from a warehouse (and that shipment is tracked in NetSuite using an Item Fulfilment), option 5 is preferred.
For companies selling services or products not needing a shipment, option 2 or 6 is preferred.