Setting Up Automatic Recording of BILL Transaction Fees
You can configure Intelligent Payment Automation (IPA) to automatically create journal entries that record monthly transaction fees charged by BILL.
When this preference is enabled, IPA creates a journal entry based on the current month's BILL statement. The journal entry records transaction fees using the expense account and default bank account defined.
IPA creates the journal entry on the second business day of the month during off-peak hours.
Before you configure automatic transaction fee recording:
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Verify that a default bank account is configured and mapped to a GL bank account. For more information, see Managing Bank Accounts.
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Verify that you have permission to create journal entries. You can use the Payment Clerk or the Payment Manager role to enable this feature. To update custom roles permissions, see Permissions Needed for Custom Roles.
To set up automatic recording of BILL transaction fees:
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Go to Payment Automation > Payment Dashboard > View.
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If you use Oneworld:
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On the Subsidiary Dashboard, click Enabled beside the subsidiary you want to view. If you have multiple subsidiaries, configure the setup separately for each subsidiary.
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In the Actions column, click View to open the Payment Dashboard.
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In the Recommendations portlet of the Payment Dashboard, click Set Up Preferences.
Alternatively, in the left navigation panel, under Settings, click Preferences.
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On the Preferences page, under the Automate Recording of Bill Fees section, enter values in the following fields:
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Automatically Record BILL Fees - Check this box to automatically record fees paid to BILL as expenses in the selected expense account.
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Expense Account - Select the account to record the fees paid to BILL. The list includes expense and other expense accounts available to the selected subsidiary.
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(Optional) If the Class, Department, or Location features are enabled in your account, you must select values for these fields. Depending on your account, you can view one or all the following fields:
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Class
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Department
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Location
The value you select in these fields are used to track both BILL transaction fee expenses and voided payment entries.
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Click Save.
After setup is complete, IPA automatically creates journal entries for monthly BILL transaction fees. The journal entry includes a Memo description for the BILL transaction fees and the month it was generated.
If journal entry approval routing is enabled, the journal entry is routed for approval before posting.
If NetSuite is unable to create a journal entry, you will receive an email notification. To record these fees, create these journals manually. For more information, see Making Journal Entries.