Are you looking to pay your vendors or employees through ACH payments? Then NetSuite Electronic Bank Payments may be a solution for you.
Electronic Bank Payments is a SuiteApp that streamlines accounts payable (AP) and accounts receivable (AR) operations by enabling automatic marking of bills as paid within NetSuite and generating payment files for bank processing. It supports various payment types, including vendor payments, employee reimbursements, partner and employee commissions, and customer refunds. Additionally, it offers check fraud protection through positive pay and facilitates direct debits for customer collections.
With electronic bank payments, NetSuite generates payment files containing comprehensive payment details. These files can be imported or submitted electronically to your bank for efficient processing.
NetSuite Electronic Bank Payments: Considerations and concerns
- Each vendor and employee record includes primary and secondary bank details.
- Only users with the necessary permissions can access bank information, which helps ensure these details are handled securely.
Additional features include:
- Payment reversals can be initiated for full or partial and can be reprocessed
- Process multiple payment batches at once.
NetSuite Electronic Bank Payments FAQs:
Can I bulk-import bank details for vendors and employees?
You can upload vendor and employee bank details via CSV import directly into NetSuite, so there's no need to enter them one by one.
Can I add approval controls before payments are processed?
Approval Routing is included out of the box and simple to enable, giving you full control over who signs off on payments before they go out.
How do I confirm a payment was processed?
NetSuite creates a payment file administration record with a status field, so you can track each payment's processing from submission through to completion.
How are vendors and employees notified of payments?
You can send payment notifications with a single click using NetSuite's built-in email templates, keeping vendors and employees informed without any manual effort.
How do payment files get to the bank?
You export the EFT files from NetSuite and upload them to your bank portal. If you want to remove that manual step, the process can be automated via SFTP so files transmit directly.