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Maximizing Cash Flow with NetSuite: A How-to Guide

NetSuite is a powerful cloud-based financial management solution that can assist in enhancing the financial health of a business. Every business must strategically manage its finances by handling deposits, timely bill payments, invoice reception, and book closure. The following tips can save you time by improving your understanding and performance of various typical NetSuite financial operations.

Efficient Deposit Management in NetSuite

Keeping track of bank deposits is essential for cash flow management. To capture the payment deposited into the bank account, you should first create a deposit transaction in NetSuite. When funds are deposited into your bank physically, then use deposit transaction to move money from the undeposited funds accounts into a general ledger account. This aids in ensuring consistency across financial records. Additionally, you can deposit funds like unrelated payment transactions in the form of cashbacks you have received. 

Streamlining Check Processing with NetSuite

When it comes to finance, disbursing checks is a fundamental and frequently laborious activity. Checks may be written, voided, and printed directly from inside NetSuite. You may create checks to pay suppliers, compensate staff, and give refunds to customers using NetSuite’s conventional accounts payable procedures. To record cash transactions, track debit card purchases, or oversee petty cash, you may also write a check as a distinct transaction. You may also cancel a cheque that has already been written using NetSuite. By voiding the cheque, one may undo the impact on the general ledger by creating journal entry reversals for check voiding item. Checks that have been voided stay in the system to preserve the audit trail. You may print checks as soon as they are created, whether you write them using traditional accounts payable procedures or the write checks transaction in NetSuite. It is also possible to queue up checks for later printing or to print every check for a single account in one go. For every checking account registration, NetSuite furthermore automatically monitors and increases the check number.

Simplifying Inter-Account Transfers in NetSuite

Fund transfers between the bank accounts in the same currency and accounts in other currencies are possible with NetSuite. Fund transfers between the two accounts within the same subsidiary are possible with NetSuite. NetSuite will show the currency, exchange rate, and current balance of the bank account during the fund transfer. Based on the currency rate, NetSuite automatically determines the transfer amount. This guarantees that the bank statements are in sync and facilitates reconciliations.

Automating Credit Card Management in NetSuite

You may record credit card transactions, pay credit card bills, and reconcile credit card statements in NetSuite by adding credit cards to the list of general Ledger accounts. By integrating credit card feeds for streamlined tracking, NetSuite makes it easier for employers to grant corporate credit cards to their staff and track their spending. Therefore, employee corporate cards automatically generate expense transactions in NetSuite. Additionally, NetSuite makes it easy to pay suppliers using credit cards by automatically filling in the subsidiary and currency boxes according to the vendor that is selected. If a vendor is shared by several subsidiaries, you can choose any subsidiary and then choose the credit card account you want to use to make the payment.

 Effortless Bank and Credit Card Reconciliation with NetSuite

Reconcile NetSuite bank and credit card statements against the bank and credit card registers on a regular basis to maintain the accuracy of your financials. Optimising other NetSuite bank functions also depends on reconciliation, including credit cards, deposits, withdrawals, and checks. Reconciliations of credit cards and banks can be done automatically using NetSuite tools or manually.

When using the Advanced Reconciliation feature in NetSuite; reconciliation can be automated. It automatically compares the current General Ledger transaction in NetSuite with the transactions from the imported bank statement. based on the criteria you choose for reconciliation like transaction date, amount.

When you are unable to acquire transaction files from the bank or have not configured automated reconciliation, use manual reconciliation. A bank or credit card statement may be manually reconciled by selecting the accounts, using the Use Match Bank data option, and manually matching the lines on the account statement. For the same time, you can do numerous reconciliations.

Are you prepared to embrace the future of finance and accounting with best-in-class NetSuite implementation? As a trusted Oracle partner with decades of experience implementing over 2,000 projects, dotSolved offers a sustainable approach to consulting, implementation, integration, and process excellence with NetSuite ERP. Our team of 100+ expert NetSuite professionals provide a robust solution to every NetSuite query of yours, and ensure our services are tailored to your unique business needs. Get in touch with us for a discovery session on how NetSuite implementation can elevate your business processes.

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