Author: Divya Unnikrishnan

Balancing Segments Definitions  Segment – A custom classification field used to classify records, similar to class, department, and location. We can define possible values for each segment and add the segments to specific record types.  Balancing segment – A segment within which we can balance debits and credits. Examples of balancing segments that we might… Continue reading BALANCING SEGMENTS

Payment file processing  After setting up and enabling features, payment files can be processed.  Payment files can be processed for:  Vendor bill & Employee expenses  Customer refunds  Customer payments  Vendor bill and employee expenses processing  Vendor bank set-up  Under the Bank details tab in the vendor records, check ‘EFT Bill Payment’. On enabling, the vendor’s… Continue reading Electronic Bank Payments – Manage Electronic Banking

NetSuite feature enables us to require that specific purchase and expense transactions are approved before processing.  We can create an approval hierarchy and set approval limits for each level. The approval hierarchy applies to all payment file administration records generated through both standard processing and advanced batch processing.  To require payment batch approval routing, enable… Continue reading Electronic Bank Payments – Approval Routing

In the case of non-drop ship items, the ‘create PO’ field will be greyed out as per standard NetSuite behavior in the Edit mode of the Sales Order. The ability to create PO in Edit mode is an enhancement in the voting stage [Enhancement ID: 301319]. However, after a Sales Order is created and approved,… Continue reading Creating PO from non-drop ship Sales Order

Average cost body field: The system uses the Periodic Average Cost Calculation Method for calculating the Average Cost on Item Records. Since the periodic calculation is computed on a daily basis, the unit cost at the end of each day is used to arrive at the correct unit Average Cost following the principle of Periodic… Continue reading Average Cost computation in Item Records

The Advanced Electronic Bank payments license allows us to further automate creating payment batches and approving payment batches according to a specific schedule we define. First, create a payment schedule to group transactions into a batch and route batches for approval. We can set the exact date, time, and frequency for each event type. Then… Continue reading Electronic Bank Payment – Batch Scheduling

We can access and manage payment batches using the Payment batch processing portlet. Roles that use the custom EFT role to create electronic bank payment files can add the payment batch processing portlet to their home dashboards to view and process payment batches.  To add the payment batch processing portlet to the dashboard:  Select Personalize… Continue reading Payment Batch Processing Portlet

Prerequisites  Electronic Bank Payments SuiteApp – NetSuite bundle that automatically updates whenever there are updates from NetSuite and is used to generate electronic bank payments to vendors and employees as well as from customers.  Advanced Electronic Bank Payments license for advanced features – NetSuite SuiteApps Licensed Client bundle must be installed for this license as… Continue reading ELECTRONIC BANK PAYMENTS – Prerequisites and Permissions

The Electronic bank payments SuiteApp is used to:  Generate payment files you need to pay  Receive electronic bank payments  Provide templates for setup, post-processing payment files, email templates, and check verification tool  Advanced Electronic bank payments license: extends standard functionality by automating payment file creations using Payment batches  Approval routing  Batch scheduling  Electronic Bank Payment… Continue reading ELECTRONIC BANK PAYMENTS – Introduction and process overview

Permissions related to Accounting Period management Prior to accessing accounting period management, relevant permissions need to be assigned to the Roles.   Edit or Full level of the Manage Accounting Periods permission is required to set up, edit, lock transactions for the period close, or reopen accounting periods. Users with the View level of this permission can see the Manage Accounting Periods page… Continue reading Accounting Period close and Quick close feature