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Simplifying Financial Operations with NetSuite’s Electronic Bank Payments

  • November 27, 2023

NetSuite’s Electronic Bank Payments emerge as a crucial tool for businesses, offering a secure and streamlined approach to managing diverse financial transactions. This feature enhances efficiency and convenience throughout the financial process, from handling bills to settling invoices and issuing customer refunds.

Overview of NetSuite’s Electronic Bank Payments:

  • A versatile solution for effortlessly processing a wide range of financial transactions.
  • Efficient management of vendor bills, employee expenses, and customer refunds.
  • Supports additional features such as Terms, Early Payment Discounts, and Credit Memos, setting it apart from traditional EFT systems.

Enhanced Security and Convenient Operations:

  • User-friendly interface, robust security protocols, and error-free processing capabilities.
  • Integration of Positive Pay services from leading banks to detect and prevent check fraud.
  • Facilitates seamless domestic and international payments, ensuring efficient global business transactions.

Simple Setup and Efficient Payment Processing:

Setting up Electronic Bank Payments:

  1. Install Electronic Bank Payments bundle. Make sure the publisher id must be NetSuite, and company name should start from NetSuite Platform Solutions Group.
  2. Configure company and vendor bank details (Payments > Set up > Bank Details).
  3. Set up vendor bank details:
  • Create a new Vendor.
  • Enter entity bank details under the Bank Payment Details subtab.
  • Check the EFT bill payment checkbox.
  • Save the record.
  1. Set up customer bank details:
  • Create a new customer.
  • Enter entity bank details under Bank Payment Details (Debit) and Bank Payment Details (Credit).
  • Check the Direct Debit (DD) and Customer Refund Payment checkboxes.
  • Save the record.
  1. Activate specific payment options tailored to business requirements.

Processing Vendor Payments:

  1. Navigate to Payments > Payment Processing > Bill Payment Processing.
  2. Enter fields like Bank Account, A/P Account, EFT file Reference Note, Date, etc.
  3. Scroll down and select transactions for payment.
  4. Click Submit. The page redirects to Payment File Administration.
  5. Monitor the status of the submitted file. An error code is displayed if the file encounters issues.
  6. Click the refresh button until the file is processed, and a downloadable file reference becomes available.
  7. The reference confirms successful processing with zero errors.
  8. Post-processing actions include ROLLBACK, REVERSE PAYMENTS, and EMAIL NOTIFICATION to the vendor.

Processing Customer Payments:

  1. Navigate to Payments > Payment Processing > Invoice Payment Processing.
  2. Enter required fields like Bank Account, A/R Account, EFT Reference File, etc.
  3. Scroll down, select the transaction, and click Submit.
  4. The page redirects to Payment File Administration, where a file reference is generated.
  5. Download the file reference and submit it to the bank.

Enhanced Functionality and Advanced Features:

  1. Electronic Bank Payment Enhancements:
  • Managing customers and vendors across multiple subsidiaries.
  • Rollback capability for payment file administration during the processing of in-transit payments.
  • Utilization of SuiteScript 2.0 for managing company and entity bank details.
  • Execution of transactions for vendor prepayments to streamline financial processes.

Advanced Electronic Bank Payment Features:

  • Support for managing multiple subsidiaries, customers, and vendors.
  • Payment file administration rollback for in-transit payments.
  • Utilization of SuiteScript 2.0 for processing company and entity bank details.
  • Integration of preferences based on payee behavior for improved payment management.
  • Handling upfront payments for vendors to streamline transaction processing.
  • Implementation of an approval routing system and email alerts for additional payment authorizations.
  • Automated direct debit processes for seamless customer invoice settlements.
  • Comprehensive payment management options, including batch queuing, rollbacks, reversals, and automated notifications.
  • Concurrent processing of multiple payment batches in separate queues for improved efficiency.


NetSuite’s Electronic Bank Payments feature redefines financial transaction management for businesses. With its user-friendly interface, robust security measures, and a comprehensive set of advanced features, NetSuite remains a leading solution for efficient and reliable financial operations in the corporate world.