Tuesday, November 20, 2018

Record Bank Fees / Bank Service Charges in NetSuite (i.e. Customer Payment)

Recording bank fees on NetSuite with the following scenario:

·         Navigate to Transactions > Customers > Accept Customer Payments

·         No option to record a Bank Service Charges / Bank Fees in this transaction type

·         Enhancement 102645 has been created to request : Transactions > Accept Customer Payment : Ability to expense a bank fee on the Customer Payment screen

 

To record Bank Service Charges/ Bank Fees in NetSuite:

Option 1:

Use a Journal Entry

·         Navigate to Transactions > Sales > Create Invoices

·         GL Impact:

·         Debit Accounts Receivable 100.00

·         Credit Sales 100.00

 

·         Navigate to Transactions > Financial > Make Journal Entries

·         GL Impact:

·         Debit Bank Service Charge (Expense account) 10.00; select Customer linked to this Journal in Name Column.

·         Credit Accounts Receivable 10.00; select Customer linked to this Journal in Name Column.

 

·         Navigate to Transactions > Customers > Accept Customer Payments

·         Mark the Apply checkbox for the Invoice(s) / Journals to be paid under the Apply tab > Invoices sub tab

·         Mark the Journal Entry with the debited Expense account under Apply tab > Credits sub tab

·         Save the Payment

·         GL Impact:

·         Debit Undeposited Funds / Bank Account 90.00

·         Credit Accounts Receivable 90.00

 

 

Option 2:

Use the Bank Reconciliation

·         Enter the Bank Service Charges during the Bank Reconciliation

·         Navigate to Transactions > Bank > Reconcile Bank Statement

·         Enter the pertinent data in the Bank Reconciliation

·         Clear the transactions that will be reconciled

·         Enter the Expense account and amount for the Bank Service Charge under the New Charges tab

·         Save the reconciliation

·         New journal entry created from the reconciliation will have:

·         GL Impact:

·         Debit Bank Service Charge 10.00

·         Credit Bank Account 10.00

 

 

Option 3:

Use a Bank Deposit

·         Create the Invoice via Transactions > Sales > Create Invoices:

·         GL Impact:

·         Debit: Accounts Receivable 100.00

·         Credit Sales 100.00

·         Create the Customer Payment via Transactions > Customers > Accept Customer Payments:

·         GL Impact:

·         Debit: Undeposited Funds 100.000

·         Credit: Accounts Receivable 100.00

·         Create the Customer Deposit via Transactions > Bank > Make Deposits:

·         Enter the Expense account and amount for the Bank Service Charge under the Cash Back tab

·         Mark the Payment for Deposit

·         Hit Save

·         GL Impact:

·         Debit: Bank Account 10.00

·         Credit Bank Service Charge 10.00

 

 

Option 4:

Use a Journal Entry

·         Navigate to Transactions > Financial > Make Journal Entries

·         GL Impact:

·         Debit Bank Account 10.00; select Customer linked to this Journal in Name Column.

·         Credit Bank Service Charge 10.00; select Customer linked to this Journal in Name Column.

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