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Netsuite invoice template for Banking

Do you use NetSuite to make or receive payments? If you do, then it's important for you to understand what the supported payment methods in NetSuite are as well as how to use them. We're going to look at some payment prep that you need to do you to make sure you're ready to use these payment methods, and then we'll look at vendor payments, customer payments, and the Electronic Bank Payments SuiteApp. First, let's look at some of the payment prep work. There are several features in Enable Features that you would need to enable. To turn these on, navigate to Enable Features (Setup > Company > Setup Tasks > Enable Features) and choose the Transactions subtab. All the features related to payments are located under the section Payment Processing. The four main features here you would need to consider enabling are Credit Card Payments, PayPal Integration, Electronic Funds Transfer, and ACH Vendor Payments. Another preliminary step to using NetSuite for payments is establishing a merchant account. A merchant account is simply an account with a bank that allows you to accept customer payments. In addition to applying for a merchant account, you will also want to apply for a credit card gateway that is compatible with NetSuite. MerchantE and CyberSource are popular among NetSuite users since they enable you to get both a merchant account and a credit card gateway at once. Now let's look at vendor payments and customer payments. The feature you would need to enable for vendor payments is ACH (Automated Clearinghouse) Vendor Payments. In order to use this feature, you would need an ACH processing account, which you can acquire through Coastal Software and Consulting, Inc., which is integrated with NetSuite. Then you would need to set up the information for the accounts that you will be using for ACH payments. To do this, navigate to Setup > Accounting > Setup Tasks > ACH Processing. Enter the Company ID that Coastal supplies you with in the ACH Company ID field under the Company subtab. Under the Account subtab, put in the information for the bank accounts that you will be using to make these payments. After you have set up your bank account information, you would need to set up vendor records to use ACH payments. Simply edit the vendor records you want to do this for and put in the vendor's bank account information under the subtabs Financial > ACH. In addition to vendor payments, you can also set up NetSuite to receive customer payments. Unlike vendor payments, which just has one payment method, there are three key methods that can be used to collect customer payments in NetSuite: EFT, Credit Card and PayPal. Each of these would need to be set up separately. To use EFT (Electronic Funds Transfer), you would need to enable the feature, set up ACH Processing, and set up customer records for EFT payments. Note that EFT transactions are processed through the ACH network, but ACH is not the actual payment method as it is for vendor payments. In addition, it's important to understand that while ACH is a common way to process electronic payments, it is primarily used in the United States. Other countries use different platforms to process their electronic payments. To set up customer records for ACH payments, you would edit the desired customer record and put in that customer's bank account information under the subtabs Financial > Electronic Funds Transfer. The second customer payment method is through credit card processing. This method is used primarily for payments on sales orders and website orders. Before you can use this feature, you need to make sure you have connected a credit card gateway like MerchantE, or CyberSource with your NetSuite account. The third customer payment method is PayPal. To use this method, you would have to first set up a PayPal merchant account. Then, customers who have a PayPal account can elect to make their purchases that way. Some of the primary uses for PayPal are for webstore orders and for customer returns. Once a customer has used one of these three payment methods to pay for your goods or services, you would need to record the payment and accept it by either applying it to an invoice or applying it to the payment page. Applying a payment to an invoice is the faster route. Simply view the invoice that corresponds to the payment and click the Accept Payment button, which will open a payment page that is auto- filled with the information on the invoice. On this page, you can record the payment method under the Payment Method subtab and apply the payment to the invoice under the Apply tab, then save the payment record. If this payment results in the invoice being completely paid, then the status of the invoice changes from Open to Paid in full. You can also apply payments by navigating directly to the payment page (Transactions > Customers > Accept Customer Payments). You would need to put in all the information regarding the customer making the payment and the related invoice, if applicable. Finally, let's look at Electronic Bank Payments, a SuiteApp that expands on the EFT and ACH vendor payments features. Electronic Bank Payments includes things like custom payment formats and multi-currency conversion support. It also has several features related to payment batches, such as allowing for scheduled approval of payment batches, automatically creating payment batches for approved bills, and processing multiple payment batches all at once. If the standard payment methods in NetSuite are insufficient for your company, then you may need to consider using the Electronic Bank Payments SuiteApp. Understanding what the supported payment methods in NetSuite are and how they work ensures that you will be able to use them to their fullest capacity. Thanks for watching. If you enjoyed this video, let us know by hitting the like button. And to learn more about how SuiteRep can help you with all of your NetSuite needs, visit us at suiterep.com.