Nolan Business Solutions is excited to announce new features now available for Advanced Bank Reconciliation and Electronic Payments. Please contact us at email@example.com for more information.
NetSuite Advanced Bank Reconciliation
- Grouping Rules - Advanced Auto-Match supports the ability to define Grouping Rules as part of the existing auto-matching process. This allows companies to create rules for grouping many NetSuite transactions to auto-match with one bank summary amount or one NetSuite transaction to auto-match with many bank transactions. Examples of this feature include automatically matching multiple NetSuite cash sales with one summary bank deposit or automatically matching multiple NetSuite EFT bill payments with one summary bank withdrawal. Grouping rules are configured using data fields available on the reconcile window, including Document Number, Memo/Reference or Entity.
- Auto-Import from File Cabinet – Nolan Advanced Bank Rec is now able to monitor folders in the NetSuite File Cabinet for new bank statement files. When new files are discovered on a schedule or on demand, NSABR is able to auto-import, auto-extract, auto-match and/or auto-generate GL transactions. New Reconcile Account and Format Definition options are available to match to statement files in the NetSuite File Cabinet (e.g. uploaded by the user or directly by the Bank). The new Auto-Import process will locate unprocessed files and “import” them to create new statements in ABR, moving the file to a Processed sub-folder. This process can be scheduled as part of the Statement Direct automated tasks.
- Auto-Match Voided Transactions - The ABR Extract process, which retrieves transaction details from NetSuite, will now assign a match number to any new zero-value transactions and set their initial status as matched. For new reversing journals, either manually entered or generated when using the NetSuite Accounting Preference to Void Transactions using Reversing Journals, the ABR Extract process will match the original transaction to the reversing entry. N.B. This functionality is only implemented in the Map/Reduce process, which is enabled from the ABR Configuration page.
- Prioritize Matching Rules – Advanced Auto-Match enhances existing NSABR functionality by allowing multiple auto-match rules for each bank transaction type. As an example, if you have some check numbers in the bank with leading zeros and some without, you can now have separate matching rules for each scenario without having to manually change the rules and repeat the auto-match process. In addition, this new feature can significantly enhance auto-matching capabilities when using Statement Direct where bank transaction types are limited to Debit or Credit.
- Control Number of Lines Displayed – Users can now define how many rows of NetSuite and Bank Transactions lines should be displayed in the Reconcile window. This may reduce the amount of scrolling in this window for companies with lots of transactions or with large data fields. This new feature should also resolve periodic timeout issues experienced by a few companies with higher volumes when manually matching or unmatching transactions.
NetSuite Electronic Payments
- Bill Payments Approvals – This new Multiple Bank Account Details per Vendor – This new feature addresses the need to keep a consolidated NetSuite vendor record but track and use multiple bank payment methods and/or details based on location addresses. As an example, a parent company works with a vendor at a national level (e.g. Office Depot) but needs to process bill payments based on various locations (Office Depot in California vs Office Depot in New York). With this new feature, the vendor remit-to address is leveraged to default proper bank payment details at the bill level.
- bundle works with our Electronic Payments bundle and separates the bill payment creation from the bank file generation process. Companies can now define different bill payment approval levels for each individual and define approval hierarchies. After the bill payments are processed, each bill payment must be approved before the bank file is generated.
- Consolidate Bank Files – The new Bill Payment Approvals Bundle also includes the ability to consolidate transactions from multiple bank accounts in a single subsidiary into one file that gets transmitted to the bank.
We are committed to supporting and enhancing our NetSuite Advanced Bank Reconciliation and Electronic Payments tools and appreciate your support. Please contact us at firstname.lastname@example.org for any questions or if you’d like additional details on any of these products or features.