Hey everyone, i am wondering if there is way to have payments only post to a bank account when a bank statement is imported and processed. Our wanted accounting flow for vendor payments is Accounts payable account > payments in transit account > bank account. Netsuite always seems to post directly from accounts payable > bank account even with the new in-transit accounting feature.

It does post but have have GL impact as no.

I have seen this functionality but this still processes directly from A/P to the bank account after the bank statement is imported.

If transaction is there on bank statement as credit and you match them then GL impact is posted, which is right. What is your expectation? How it should work?

There is a reply below this thread, which is the expectation from our Accountant. This means that the bank account is only posted to from the moment you import your bank statement. As the account is a representation of your actual bank balance. (in other words the source = bank statement). According to our accountant this is a generally accepted way of accounting here in NL. And this functionality is almost always supported in Dutch accounting software. Netsuite is mostly US based so i'm wondering if this functionality can be achieved at all.

Bank reconciliation is done same in all the countries. When transaction is posted in-transit it’s like your cash book showing what’s going out. That’s why GL impact is no but still show in the bank account ledger, but not in your financial statements like balance sheet and income statement. When statement is imported and it’s reconciled it appear in bank as clear and GL Impact is posted to financial statements. I’m former accountants and completely disagree with your accountants because for cash flow you should see these transaction which are still in the pipeline to go out.

i appreciate your comments, i am in no way saying what is correct or incorrect. just asking questions which are relayed to me.