New release of the Electronic Payment feature makes life easier!
The new 2024.2 release of the NetSuite Electronic Bank Payment is bundled with useful features to streamline existing process and simplify user experience! We did the testing for you made a simple overview of the pro's and cons. It saves you time without lacking behind!
Role Based Approvals
Not a very frequently used feature (at least not at my customers) but for the larger companies this might be very helpful! You can now manage and customize the payment batch approvals to be at user role level. This makes the feature much more flexible without losing a good audit trail.
Pro's: more control over the approval process and more flexibility.
Cons: You still need to add an employee backfill when using the role-based approval.
Automated Payment Batch Approval Reminder
A send reminder button is introduced on all batches thatare pending approval. The user can click send a reminder to the initial approver for follow up. This functionality is introduced to speed up the approvals of the batches that are pending approval.
Pro's: minimize delay of batch approvals, simplification for users and tracked communication in NetSuite.
Cons: The reminder is send to the payment employee approver, not to the payment approval role users.
Extended filters to on the select payment page
Three new filters have been introduced on the page where a user selects the transactions to be included in the payment batch:
A filter to find transaction based on amounts. It can be combined with any other filter already available.
A new checkbox “Include all credits” is added to the screen and can be used if a users filters transactions on due dates. By default credits don’t have any due dates and earlier when you filtered based on due dates, credits were excluded.
Availability of default return email address for failed Payment Notification
You can now choose the default return email address to be notified for any bounced payment notification emails. This saves time as a user does not have to search in the list of bounced emails to do follow up.
Tax Calculations on Term Discounts
The NetSuite standard for the calculation of payment term discounts, was based on the net transaction amount (transaction amount without any VAT or tax). As per the new release, this has changed and the option is available to apply the payment term discount to the total transaction amount.
For example, you have a bill of EUR 121,- with a net amount of EUR 100,- and VAT amount of EUR 21,- and a payment term of 2% discount when paid within 30 days.
The standard calculation was: 2% of EUR 100,- is a discount of EUR 2,- leaving the total transaction amount (including VAT) EUR 119,-.
The new option offers the calculation to be: 2% of EUR 121,- is a discount of EUR 2.42,- leaving the total transaction amount (including VAT) EUR 118.58,-.