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 on the company bank detail record, assign the schedule to a payment batch. After creating and then assigning the schedule, NetSuite automatically groups transactions and routes the batches for approval according to the schedule.
Scheduling a Payment batch
- Payments -> Setup -> Payment Schedule -> New
- Enter the name for the payment schedule
- Select a time zone
- Select creation in the Event type field
- Schedule the recurrence as daily, weekly, or monthly and enter further details associated with it.
- Click Save
Scheduling Payment batch approval
- Payments -> Setup -> Payment Schedule -> New
- Enter the name for the payment schedule
- Select a time zone
- Select closing in the Event type field
- Schedule the recurrence as daily, weekly, or monthly and enter further details associated with it.
- Click Save
Assigning schedules to payment batch
- Navigate to payments -> Setup -> Bank details
- Click edit beside the relevant company bank detail.
- Click on the payment schedule field against the main payment batch in the batch details subtab.
- Select a schedule for creation or approval or both from the list of schedules displayed by NetSuite.
- Click OK. Click Save.
From this point onward, NetSuite groups transactions into the batch according to the payment batch creation schedule. After the transactions are grouped into a batch and if the total amount exceeds the transactions payment limit on the Approval subtab, NetSuite automatically routes the batch for approval according to the payment batch approval schedule.