Giving the importance of security, convenience, and reduction of human errors in monetary transactions, electronic payments have become preferred method of payments in the corporate world. NetSuite offers a robust electronic banking functionality called Electronic Bank Payments for corporate electronic payment needs.

NetSuite Electronic Bank Payment enables you to electronically process payments of vendor bills, employee expenses, commissions as well as customer refunds. It also enables you to receive bank payments from your customers.

NetSuite Electronic Bank Payment comes in Standard and Advanced versions. Standard version of Electronic Bank Payment can readily be installed from NetSuite bundler. Once the bundle is installed, setup and configuration are be done in three steps:

  1. Setup Your Bank Details

Once the bundle is installed, you will see Payment tab in your center. Use that to set Bank Detail to specify the proper file EFT/ACH file format to be used.

Navigate through Payment=>Setup=>Bank Details to set up company’s Bank Details.

  • Set up Vendor details

Set up vendor details to specify vendor banking information.

Navigate to: List => Relationships=>Vendors. Edit an existing vendor and on click on Bank Payment Details Subtab

Enter bank payment detail information and check EFT BILL PAYMENT and click on New Entity Bank Detail to enter vendor bank details and format.

  • Pay Vendors

The last step is to pay a vendor bill.

Navigate through Payment=>payment Processing=>Bill Payment Processing

If you like to know more about NetSuite Electronic Bank Payment for you EFT/ACH and Positive pay processing contact us.

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