Automatic Journal Entry Creation for Auto-Funding Transactions
When a payment batch is sent to the payment processor, a funding request from the source bank is initiated to obtain funding before the payment is processed.
A corresponding journal entry for the funding amount request is created automatically. A journal entry is created for any batch that includes an ACH or check payment. The amount is calculated based on total payments.
A journal entry is created when a payment status changes to Pending. You can use this journal entry to reconcile the credit entry received in the daily bank statement. If a funding request fails, the payment transactions and funding journal will be auto-voided.
When an Auto-Funding request is raised for monthly transaction fees and credit card due, journal entry will be created in NetSuite automatically for the funding amount.
For more information about journal entries, see Journal Entries.
For more information about classification fields such as Department, Class and Location for journal entries, see Setting Default Department, Class, and Location Values.