This summary of the video was created by an AI. It might contain some inaccuracies.
00:00:00 – 00:23:22
The YouTube video comprehensively explains setting up and using NetSuite's electronic payments tool for vendor payments via EFT (Electronic Funds Transfer). Jarrett Almond demonstrates the process of creating EFT files, detailing the setup of bank details, and configuring customized templates using the ACH CCD PPD format. Key points include setting up a restricted file cabinet location for ACH files, ensuring the correct configuration of banking information, and enabling EFT functionalities within vendor settings.
The video further elaborates on setting up approval routing, allowing multi-level payment approvals, and introduces features for emailing payment notifications to multiple recipients. Important steps covered include checking the "EFT bill payment" field, entering bank payment details, selecting appropriate bank and accounts payable accounts, and processing bill payments through the electronic payment module instead of standard processes.
Once payment files are generated, the system automatically updates relevant codes and enables users to bypass standard payment methods for EFT processing. For payments requiring approval, the system generates EFT files post-approval. Users can manage payment files via the payment processing and administration page, with options to submit, track status, and reverse payments if necessary.
Overall, the video serves as a detailed guide on configuring, processing, and managing EFT payments using NetSuite, emphasizing accuracy, compliance, and efficient vendor payment workflows.
00:00:00
In this segment, Jarrett Almond demonstrates how to create an EFT file for vendor payments to upload to a bank account using NetSuite’s free electronic payments tool. He explains that while the basic tool is free, customized templates may require the advanced electronic payments module, which incurs additional costs. He guides the setup process by navigating to the payments tab, specifically focusing on the setup of bank details and specifying the appropriate EFT format. Jarrett illustrates this by editing an existing setup using an ACH format, detailing the steps of naming the bank detail, selecting a GL bank account, assigning a legal and print company name, choosing a subsidiary, and defining the currency. He notes the optional fields such as department, class, and location, mentioning that these can be completed if needed for bill payment files.
00:03:00
In this part of the video, the speaker discusses setting up a file cabinet location specifically for ACH files and recommends restricting access to prevent unauthorized manipulation. The speaker focuses on setting up the EFT (Electronic Funds Transfer) template using the ACH CCD PPD format and how to customize XML files if needed using the advanced electronic payments module, which incurs additional costs. Essential details for configuring include obtaining the necessary banking information, such as routing and account numbers, from the bank. The speaker explains that some fields, like the check digit and routing symbols, will auto-populate, and they proceed to demonstrate entering demo information. The demo focuses on EFTs and mentions the creation of vendor bills and batch processing for uploading files to the bank.
00:06:00
In this segment of the video, viewers are guided on setting up vendor payment processes using NetSuite’s electronic payments module. The speaker emphasizes bypassing certain tabs like direct debit and batch details. They explain how the module supports approval routing to specific individuals, allowing multi-level approvals up to three levels, with different payment approval limits. The process involves saving the company bank details, then configuring vendor banking information based on an EFT template. The module introduces a new field for multiple email addresses for payment notifications, enhancing visibility by allowing payment notifications to be sent to several addresses. Furthermore, a new sub-tab called “Bank payment details” is highlighted as part of the vendor setup process.
00:09:00
In this segment of the video, the speaker explains the process of entering new bank payment details for a vendor in the system. Before doing so, it is crucial to check the “EFT bill payment” field to ensure transactions can proceed through the electronic payments module in NetSuite. Without this checkbox marked, electronic payments will not process regardless of the presence of bank details.
The next step involves entering or importing bank payment details. When importing, ensure to run workflows and trigger SuiteScript for accuracy. For manual entry, access the “new entity bank details” section. The speaker emphasizes the importance of selecting the correct payment file format, specifically mentioning the ACH CCD PPD format as an example. They highlight that each vendor can only have one primary type for electronic payments.
The process requires setting an account number for the vendor, ensuring the details such as account number and bank number are valid and meet the required length. NetSuite performs validations and will show an error if the information is incorrect.
00:12:00
In this part of the video, the presenter explains how to set up and process electronic funds transfer (EFT) payments in NetSuite. They begin by mentioning that the bank code and processor code update automatically based on the format and number specified. They outline the steps to set up the bank details under the payments section and emphasise checking the EFT bill payment box in the vendor record. Next, they demonstrate how to enter a bill for a test EFT vendor, specifying the account and bill amount. They clarify that having the EFT box checked does not prevent making payments via check within NetSuite. Finally, they explain how to bypass the standard payment process and use the electronic payments module for bill payment processing.
00:15:00
In this segment of the video, the process of setting up and selecting a bank account for EFT (Electronic Funds Transfer) is detailed. After choosing a pre-configured ACH bank account, the appropriate accounts payable (AP) account is selected, displaying relevant EFT-eligible vendors and their corresponding payment files. If the newly entered bill appears, it confirms the vendor is correctly set up for EFT. Key steps include ensuring the selection of the correct bank and AP accounts and configuring payment details such as the processing date and posting period. The segment also covers how to aggregate payments by payee, default department/class/location settings if necessary, and how to mark transactions for processing, emphasizing the importance of selecting the intended transactions accurately.
00:18:00
In this part of the video, the process for submitting a $500 bill payment is detailed. After clicking submit, the system processes the bill payment and generates an electronic file (EFT) for bank upload. If approval routing is activated, payments below a set threshold require approval before the EFT file is created. The video then navigates to the payment processing and administration page, showing queued payment files, statuses, and any errors. The status updates are visible upon refreshing the page, ultimately producing a text file for ACH payments. The system assigns a unique number to each processed payment, differentiating EFTs from checks. A rollback option is available for 24 hours to reverse the transaction if needed.
00:21:00
In this part of the video, the presenter explains various actions available after creating a payment file in NetSuite’s electronic payments module. They highlight the ‘Reverse Payments’ option, which allows users to void individual payments or an entire batch. The ‘Email Payment Notification’ feature lets users send payment vouchers to vendors using customizable templates. The ‘Recreate File’ button is discussed as a tool for updating and resubmitting payment files to the bank for acceptance. The segment concludes with a demonstration showing that a processed bill is marked as ‘paid in full’ and can be viewed under related records. The presenter invites viewers to leave comments and watch other videos for further information.