The Payment Automation SuiteApp version 4.0 includes the following new features and enhancements:
Support for the Multi-Subsidiary Feature
- The Payment Automation SuiteApp now supports multiple subsidiaries. If you have a OneWorld account and have multiple US subsidiaries, you can now apply for HSBC accounts in each US subsidiary and can process payments from each US subsidiary.
Vendor Prepayment Support
- You can now create and process vendor prepayments through the Payment Automation SuiteApp.
Payment Status Tracking
- The Bill Payment record now includes a visual status tracker which you can use to check the status of the payments.
Automation of recording of Monthly fees and charges
- Previously, NetSuite automated the process of recording an auto-funding request to pay for the monthly invoice fees of HSBC. In the current release, the recording of the payment of transaction fees is now automated as well. This new automation will save more time, allowing you to focus on other important tasks.
Ability to Reprocess Payments
- On rare occasions, payments to vendors end up with an ACH Payment Return or Data Error status. In the current release, users can now reprocess these payments. You no longer need to void the payment and re-initiate it manually. In addition, no new funding request are created for reprocessed payments; existing funds at the HSBC Online Account are used for the reprocessed payments. Reprocessed payments are automatically sent to HSBC for processing.
Additional enhancements in this release include:
- Prevention of withdrawal request submission if the total withdrawal requests for the day already exceeds the current HSBC balance.
- Ability to designate email recipients to receive all notifications from the Payment Automation SuiteApp, such as reminder email.
- A new email notification alerts users when payments are delayed for processing due to errors. Payments with Failed, Data Error, and ACH Payment Return statuses are included.
- Renaming of Billing Information under SuiteBanking > Setup to Account Information.
- Enhancements to the Vendors dashboard. The following columns have been re-arranged and renamed:
- Approved Vendors (formerly known as SuiteBanking Vendors)
- Vendors Pending Approval
- Eligible Vendors
- Enhancements to the Preference record now allow users to set up different preferences in each subsidiary in which they process payments.