Setting Up Company Bank Records in the U.S.

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 the U.S.:

1. Go to Payments > Setup > 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 either ACH-CCD/PPD or ACH-CTX (Free Text). Cash Concentration and Disbursement (CCD) and Prearranged Payments and Deposits (PPD) are the payment file formats primarily used for business-to-business transactions and payments to consumers, respectively. Corporate Trade Exchange (CTX) is a payment file format used by corporations and government agencies to pay their trading partners.
   DD Template	Select ACH-PPD.
   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 subtab. The fields displayed are dependent on the EFT format selected.

   Field	Description
   Immediate Origin	Enter the 10-digit company Id assigned by your bank. This is usually one digit followed by your company's tax Id.
   Routing Number	Enter the bank's transit routing number.
   Account Number	Enter your company's bank account number.
   Immediate Destination Name	Enter the name of the bank's site where the payment will be processed.
   Company ID	Enter the 10-digit company number assigned by your bank. This is usually one digit followed by your company's tax Id.
   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.

6. Complete the fields on the DD Template Details subtab.

   Field	Description
   Immediate Origin	Enter your company's 10-digit number assigned by the bank.
   Routing Number	Enter the bank's transit routing number.
   Account Number	Enter your company's bank account number.
   Immediate Destination Name	Enter the name of the bank's site where the payment will be processed.
   Create Balanced Files	Check this box to include a contra record line in the payment file to create a balanced file. Check whether your bank requires this for EFT transactions.
   Company ID	Enter your company's tax Id or the company number assigned by your bank.
   Bank Account Type	Select Checking or Savings to indicate the bank account type.
   Add Pad Blocks	Check this box to add lines with "9" characters at the end of the payment file when the total number of records is not a multiple of 10. Check whether your bank requires this option for EFT transactions.

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.

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

9. 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

File Cabinet Overview

Creating Accounts

Setting Up Bank Records of Vendors in the U.S.

Setting Up Bank Records of Employees in the U.S.

Setting Up Bank Records of Customers in the U.S.

Setting Up Bank Records of Partners in the U.S.

General Notices