Automated cash application is still relatively new. Based on our most recent webinar we have collated FAQs to help NetSuite customers navigate the features easily.
We have answered some of the frequently asked questions about the automated cash application and its features.
Automated Cash Application FAQs
Can you make a rule to create entry for bank fees or lease payments automatically?
A couple of different ways that you can actually create that. So you can create some rules around that and you can do that from your bank reconciliation page. So say for example, you received rent or sorry, or you pay out rent every month, or you receive a particular payment or some kind of subscription fees every month. You can actually set up some rules to say, “Okay, this means that it needs to go and create this transaction.” So generally what a lot of people find is rather than doing it from the bank reconciliation page, you go and create a memorised transaction instead.
So if you’re going to be paying the exact same rent amount or the exact same supplier, every single month for a specific bank date range or indefinitely, you can create a memorised transaction that will automatically post that bill, or it will prompt you to post that bill automatically on the first of every month. So that when you add a journal, you can create memorised transactions for all sorts of different transaction types really so that when you get to the bank reconciliation page, that transaction already exists and you don’t have to create it again.
Can you look up part of an invoice number?
For example, if the invoice number is IMV001234, but the customer’s only put in 1234, how accurate is it in matching those sorts of things?
No it won’t do a partial match. It will only find the exact match. But in saying that when you go through to the screen and you select the customer, you can actually view all the outstanding invoices within that same screen. So you can actually expand on the screen and it will display all the invoices that are outstanding with the outstanding amount. And you can then find exactly which invoice you should match it to.
How does the automated cash application handle exceptions?
If you actually receive payments with the customer, it cannot find a matching customer. It cannot find a matching transaction. You can set some preferences in terms of what you want the cash application to do really. So the payment application preference, it can be found in your accounting preferences under setup. And it’s under accounts receivable. So the field is called apply payments without invoice numbers. The preference really is whether you want to apply it by payment amount first, and then to oldest invoice, meaning match the exact amount first and then find the oldest invoice, apply to oldest invoice by date of aging preference.
So what it means by aging preference is how you age your invoices. So also under accounting preferences and general, you can actually set the way you want to age transactions. So your aging reports can use transaction date or due date. So it follows this preference. Or you can opt to just keep the payment unapplied if you want to actually manually review those lines and then do something about yourself.
Can the automated cash application find a sales order number as a reference to the corresponding invoice number?
No, unfortunately it can’t. It can only apply again invoices. So it doesn’t do deposits against sales orders because sales orders don’t really show up as something that is upstanding. It only displays invoices with an amount due where it has an outstanding amount. Unfortunately, because sales orders don’t do that it doesn’t actually show up.
If import bank files have been set up as a .OFX, can they be changed to .CSVs so that they can manipulate the files?
Absolutely, yes. If you are currently using OFX files to import, you can actually just change. You can change it to CSV, no problems at all. There are a couple of ways of doing that. And if you do need a hand with us, do let us know, just sing out and we’ll give you a hand with it. You can use the template that comes with. You can download the CSV template and use that template. Sometimes it can be a little bit painful to do it because this is based on the U.S. So you can see that the date format is sort of month, person and dates and all of that, which may not necessarily match what you export from your bank statements. So there can be a little bit of manipulation going on.
The better option, another option that you can use, which is also a fill in your feature is the CSV passer plugin, where you can create a passer that leads your bank statement in the CSV format, as it is without having to manipulate it too much really. For example, if your date is date and then month, and then year, we can create a passer that actually reads that data the way it is. And then it passes that into NetSuite without having to use this template. So do let us know if you would like us to look into that view.
Is the view of all the invoices sortable?
Yes you can actually click on the columns to sort as needed.
What happens when a large customer deposit that relates to say three or four invoices?
So let’s say a customer was paying all of their invoices for the month, then it will still show up. It’ll still pick up the customer if it’s found the correct customer or if there’s a customer that enrolled. And it will actually match against several different voices based on the aging preference, the payment application preference that you’ve set up and you can still view those invoices in that list there. You can sort it if you need to and then go and apply. If you think it hasn’t applied to the correct payments, you can just untick the wrong ones and just go and tick the correct ones. So you can still use that screen to match payment against many transactions.
For a more in-depth look at the features you can watch the full webinar blow or read the automated cash application blog here.