1. Country-Specific Features
  2. Singapore Help Topics
  3. Singapore Payment Formats
  4. Setting Up Company Bank Records in Singapore

Setting Up Company Bank Records in Singapore

Note:

You must create company bank records from the Company Bank Details page for accurate validation and field sourcing. NetSuite does not recommend you to create company bank records by using SuiteScript APIs or CSV Imports.

Set up the bank account records that your company or subsidiaries will be using to send and receive electronic bank payments.

To set up company bank details in Singapore:

  1. Go to Payments > Setup > Company Bank Details > New.

  2. Complete the fields on the New Company Bank Details page.

    Field

    Description

    Name

    Enter a name for the bank record.

    GL Bank Account

    Select the GL account where the processed electronic bank payment transactions will be posted.

    Note:

    The Subsidiary and Currency fields are automatically populated when a GL Bank Account is selected. Subsidiaries are only available in NetSuite OneWorld. If a GL bank account is not available in the dropdown list, go to Setup > Accounting > Manage G/L > Chart of Accounts > New to create one. For more information, see Creating Accounts.

    Legal Name

    Enter your company's legal name. This will be used in the electronic bank payment files.

    Print Company Name

    Enter the company name that should appear on email notifications of payment transactions sent to vendors, employees, and customers.

    Marked by Default

    Check this box if you want the payment transactions for this bank account automatically checked when they are displayed in the Bill Payment Batches list and the Bill Payments form.

    EFT Template

    Select any of the following Electronic Fund Transfer (EFT) payment file formats to use when making payments through this bank:

    • DBS Singapore Ideal 3.0 Universal File Format Domestic Transfer

    • DBS Singapore Ideal 3.0 Universal File Format International Transfer

    • DBS – IDEAL specifications of DBS Bank Limited

    • UoB – BIB-IBG specifications of United Overseas Bank Limited

    • ISO 20022 of HSBC

    • Citibank Singapore XML Domestic Transfer

    • Citibank Singapore XML International Transfer

    • Citibank Singapore XML GIRO

    • HSBC Singapore pain.001.001.03 Low and High Value Domestic Payments

    • JP Morgan Singapore pain.001.001.03 Low and High Value Domestic Payments

    • OCBC Singapore GIRO and FAST Payments

    • Standard Chartered Bank Singapore iPayment CSV GIRO and Domestic Payments

    • UOB Singapore pain.001.001.03 GIRO, FAST and Domestic Payments

    Note:

    To use international transfer payment formats, you must have an active license for advanced Electronic Bank Payments and you must install the NetSuite SuiteApps License Client SuiteApp in your account. With active license for advanced Electronic Bank Payments, domestic and cross-border templates are available and you can edit the template as needed. If you use the free version of Electronic Bank Payments, only domestic templates are available and you cannot edit the template, but you can edit the PFA output file.

    DD Template

    Select any of the following Direct Debit (DD) payment file formats to use when receiving payments through this bank:

    • DBS-IDEAL DD

    • UoB – BIB-IBG DD

    File Cabinet Location ID

    Enter the internal ID of the folder that you created for storing payment format files. For more information, see Creating Folders in the NetSuite File Cabinet.

    File Name Prefix

    (Optional) Enter a prefix for the file number sequence. The prefix is attached to the beginning of each file number whenever this bank is used in creating a payment file.

  3. Click Save.

  4. Complete the additional bank detail fields.

    Field

    Description

    Department

    Select the department for payments made under this bank account.

    Class

    Select the class for payments made under this bank account.

    Location

    Select the location for payments made under this bank account.
    Note:

    For each category, you can set up to 50,000 classes, departments or locations. Setting up more than 50,000 for each category may slow down the loading of the dropdown list of categories.

  5. Complete the fields on the EFT Template Details (Bank Template Name) subtab. The fields displayed are dependent on the selected EFT Template. The following table lists the common fields displayed, you may disregard those that are not displayed.

    Note:

    The EFT Template Details subtab is not displayed if you did not select a value in the EFT Template field.

    Field

    Description

    Account Number/Bank Account Number

    Enter your company's bank account number.

    • For DBS Singapore Ideal 3.0 Universal File Format Domestic Transfer - maximum of 35 digits

    • For DBS Singapore Ideal 3.0 Universal File Format International Transfer - maximum of 35 digits

    • For DBS – IDEAL – 11 digits

    • For UoB – BIB-IBG – 11 digits

    • For HSBC ISO 20022 – 7-12 digits

    • For Citibank Singapore XML Domestic Transfer - maximum of 34 digits

    • For Citibank Singapore XML International Transfer - maximum of 34 digits

    • For Citibank Singapore XML GIRO - maximum of 34 digits

    • For HSBC Singapore pain.001.001.03 Low and High Value Domestic Payments - maximum of 34 digits

    • For JP Morgan Singapore pain.001.001.03 Low and High Value Domestic Payments - maximum of 34 digits

    • For OCBC Singapore GIRO and FAST Payments - maximum of 34 digits

    • For Standard Chartered Bank Singapore iPayment CSV GIRO and Domestic Payments - maximum of 34 digits

    • For UOB Singapore pain.001.001.03 GIRO, FAST and Domestic Payments - maximum of 34 digits

    Authorization Code

    (For HSBC ISO 20022) Enter the authorization code for your payment files, as provided by the bank. Acceptable values include AUTH, FSUM, and FDET.

    Sender's Company ID

    Enter the 8-digit number that the bank uses to identify your company.

    Bank Number/Bank Code

    Enter the 4-digit identification code of your company’s bank.

    Customer/EFT ID

    (For HSBC ISO 20022) Enter your company’s HSBC Connect ID.

    Country

    Select the country where your company’s bank is located.

    Swift/BIC Code

    Enter the Business Identifier Code (BIC), also called SWIFT code, of your company’s bank.

    Branch Number

    Enter the identification code of the bank branch where your company’s account is maintained (maximum of 3 digits).

    Sender’s Name

    Enter your company’s legal name.

    Process Bills Automatically

    Check this box if you want to process payment transactions for this bank account in batches. For more information, see Processing Bills and Expenses in Batches. Leave this box clear if you want to process payment transactions for this bank manually. For more information see, Manually Processing Bills and Expenses.

    Accounts Payable

    Select the accounts payable register where the payments will be posted.

    Hide Transactions

    Check this box if you want to hide the transaction lines on the Bill Payment Batches form when processing payments in batches. For more information, see Processing Bills and Expenses.

    Note:

    This feature is available if Process Bills Automatically is enabled or Marked by Default is enabled.

    Address

    Enter the address of your company’s bank; either structured (Street, Building Number, Postcode, Town, Country SubDivision, Country) or unstructured address, which must exist in the bank's Ordering Party Library.

  6. Complete the fields on the DD Template Details subtab. The fields displayed are dependent on the DD format selected. The following table lists the common fields displayed, you may disregard those that are not displayed.

    Note:

    The DD Template Details subtab is not displayed if you did not select a value in the DD Template field.

    Field

    Description

    Bank Number

    Enter the number that identifies the company's bank.

    Branch Number

    Enter the number that identifies the bank branch where your company’s account is maintained.

    Bank Account Number

    Enter your company's bank account number.

    Sender's Company ID

    Enter the 8-digit number that the bank uses to identify your company.

    Process Bills Automatically

    Check this box if you want to process payment transactions for this bank account in batches. For more information, see Processing Bills and Expenses in Batches. Leave this box clear if you want to process payment transactions for this bank manually. For more information see, Manually Processing Bills and Expenses.

    Hide Transactions

    Check this box if you want to hide the transaction lines on the Bill Payment Batches form when processing payments in batches. For more information, see Processing Bills and Expenses.

    Note:

    This feature is available if Process Bills Automatically is enabled or Marked by Default is enabled.

  7. If you want to create multiple payment batches for this bank account, complete the fields on the Batch Details subtab.

    Field

    Description

    Batch Details Name

    Enter a name for the payment batch.

    Saved Search

    Select the search criteria to group the bills and expenses that will be included in the payment batch.

    Payment Schedule

    Select a payment schedule for when the payment batches should be automatically created and submitted for processing. To set up payment schedules, see Setting Schedules for Payment Batches. You can leave this field blank and choose to manually trigger the system to create payment batches by clicking Refresh Batch.

    Inactive

    Check this box if you want to make a payment batch inactive. When you mark a record as inactive, it is not displayed in lists and dropdown fields. However, the record remains in the system for future reference.

    Note:

    If you check the Inactive box for the main batch, bills that do not meet search criteria will not be included in the payment batch.

    Email Recipient

    Select the employee to whom a notification should be sent whenever payment batches are created per schedule.

    Click Add to save the payment batch. You can create more payment batches for the bank account.

  8. Click Save to save the company bank details.

If you want to set up approval routing for this bank account, see Setting Up Approval Routing for Payment Batches.

Related Topics

General Notices