New functionality to assist reconciling EFT payments in the NetSuite bank reconciliation

The Problem

The native NetSuite EFT Bill Payment processing functionality posts a payment line for each supplier paid in the EFT payment file against the bank account.  This makes the matching statement to GL bank reconciliation process very time consuming as line has to be ticked and added together to make the match against a single payment amount on the bank statement.

The Solution

The Liberate I.T. EFT Summary bundle has been created to simplify and save time doing bank reconciliations by summarising the EFT payment file GL impact into one line in the bank reconciliation. This solution uses a designated EFT Summary Account which acts a clearing account to post the individual supplier amounts in the EFT payment file. A journal is then created to post the total EFT payment file amount from the clearing account to the bank account.  There is now a one to one match in the bank reconciliation creating a time saving at reconciliation time.

Results

NetSuite legacy bank reconciliation shows the single entry rather than the list of supplier amounts in the EFT payment.

NetSuite Transaction Match bank reconciliation shows the single entry rather than the list of supplier amounts in the EFT payment.

Please log a case with the reference EFT Summary bundle or contact Gabrielle to have this feature scoped and priced for implementation.