Hey all! Anyone have any best practices they can ...
# accountingw
Will Coburn
04/26/2021, 1:37 PMHey all! Anyone have any best practices they can provide for how to easily reconcile EFT payments to multiple vendors in NS against the single outgoing transaction from our bank account? Not sure if I should use a clearing account (hesitant to turn on In Transit feature, since can't turn back off), but am getting frustrated having to manually match up 2-10 Netsuite transactions against the single outgoing transaction in our bank when I reconcile the following month. Thanks!
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KevinJ of Kansas
04/26/2021, 1:44 PMWhy would these be set up as multiple vendors instead of one?
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Will Coburn
04/26/2021, 1:46 PMOn our payment processing screen, we just select all vendor bills that are due and pay them. This creates a 2 or more bill payment records (ie: 00001/1 and 00001/2), and a single payment file (NACHA) that gets submitted to our bank for processing
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KevinJ of Kansas
04/26/2021, 1:46 PMAlso - You can JE the AP balance from Vendor A to Vendor B - and then make a single payment to Vendor B - but will probably get some side eye from Auditors.
I'd probably be inclined to use a vendor credit on Vendor A to park in a clearing account and then make a faux vendor bill on Vendor B.
KevinJ of Kansas
04/26/2021, 1:47 PMHave you tried to explore why they are getting separate bill payments created instead of just one? Are there different billing addresses on the bills?
KevinJ of Kansas
04/26/2021, 1:47 PMIf you are paying via ACH - there's an option to "use bill to address from vendor" that might clean up the split transactions that are being created.
KevinJ of Kansas
04/26/2021, 1:48 PM(since billing address doesn't really matter on an ACH)
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Will Coburn
04/26/2021, 1:48 PMwe're getting different bill payments because we're selecting multiple bills to pay to multiple vendors, but creating a single NACHA file so we only process payments once a day
Will Coburn
04/26/2021, 1:48 PMso it creates a bill payment to vendor A and one to vendor B, but the NACHA file contains the data for both
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KevinJ of Kansas
04/26/2021, 1:48 PMAny bank I've ever worked with treats each outgoing payment as a seperate transaction
KevinJ of Kansas
04/26/2021, 1:49 PMMight ask your bank if that's something they can do.
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Will Coburn
04/26/2021, 1:50 PMinteresting, i've spoken with a number of our consultants, and they all run into the same issue, but yeah, I will try asking our bank if they can segregate them out
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KevinJ of Kansas
04/26/2021, 1:50 PM(I was operating under that assumption - which is why I wasn't getting what you were asking)
KevinJ of Kansas
04/26/2021, 1:52 PMEither that or the clients I've worked with have just always dealt with it and not mentioned it to me - which I have a slightly hard time believing haha
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Will Coburn
04/26/2021, 1:52 PMhaha, yeah, i'm sure it's the former for them lol
Will Coburn
04/26/2021, 1:53 PMIt stinks there isn't a "deposit" like transaction for vendor payments where you can create a transaction to house all the outgoing funds like you can with incoming funds
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KevinJ of Kansas
04/26/2021, 1:55 PMCould always set up a faux bank account (clearing) - and then transfer the funds to that account from your actual bank account. Keeping your faux (clearing) bank account at 0, and getting easier bank recs that way.
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Will Coburn
04/26/2021, 2:01 PMYeah, that's where I"m leaning, I just wish there was a way to have that transfer somewhat reference back to the underlying transactions (maybe should look into a custom field that I can put a hyperlink to the underlying transactions or something)
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KevinJ of Kansas
04/26/2021, 2:10 PMThat seems pretty doable.
KevinJ of Kansas
04/26/2021, 2:11 PMThrow some filters like date has to match and type is transfer and to account matches - and then the selection is signficantly easier.
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Will Coburn
04/26/2021, 2:26 PMYeah, that makes sense, thanks!
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