EFT Template in NetSuite
The global leading quality control and compliance service provider was established in Hong Kong and presently employs over 4000 people across 40 locations and labs while conducting business in 95 nations.
Our client provides clever ideas to produce goods that customers can rely on. For quality inspections, supplier audits, they combine local knowledge with a digital platform that provides accuracy, visibility, and insight for the data related to quality and compliance.
Our client would like to create Electronic Fund Transfer (EFT) file formats using the provided sample format in NetSuite. They need to make payments faster rather than doing them manually.
Customers can approve the transfer of money from their bank accounts to client bank accounts to pay their bills using a process called Electronic Fund Transfer (EFT).
Money can be sent between banks and individuals via an electronic funds transfer (EFT). To speed up and secure transactions, EFTs are frequently utilized in place of paper-based payment methods like checks and cash.
These days, the likelihood is that you will use an EFT to complete your transaction. EFT payment methods can be used by friends to divide a restaurant tab and by businesses to collect payments from clients. EFT payments have a wide range of applications and are crucial to the flow of money in both life and the economy.
Our client wishes to create Electronic Fund Transfer (EFT) file types in NetSuite using the sample format that has been provided. HSBC is their bank. Numerous services have been performed by them in nations including Hong Kong, the US, China, Germany, Mexico, and others. According to the banks, the file format differs from nation to nation and one file format does not support all. The HSBC must create an EFT and offer a file format. CSV, XML, text are the file formats. Our experts produced a file, which they provided to HSBC Bank. Our client will be required to retrieve all the information, including debtors and creditors data, account details, from the file or from the website, then transfer the appropriate amount.
There are other areas where they struggled, such as the format entered, which need to be accurate. The bank will reject the extra file if it contains a comma or a space. If the format changes, the bank will reject the data and the developers will update it. For instance, if the IFSC code is entered incorrectly, the bank will not accept the data and will display it as invalid. The right values must be entered, according to the rules.
They asked us to apply EFT. At first, they didn’t know much about EFT, so they were interested in learning more about it, its characteristics, and all the specifics. Developers were instructed to gather files from HSBC Bank as they wanted to use EFT but were unsure of the type of file or format they would be using. Our developers purchase the sample and instruction files from the bank, use them as a basis for creating an EFT template utilizing field mapping, and then hand them over to the client. Following the creation of the template, developers provided the customer with a demo that explained how to enter values in the relevant field. A vendor bill is then prepared in NetSuite and processed using EFT once the client alone imports all data and sets actual data. A payment is made in NetSuite after processing is finished, and a file is generated utilizing the information in NetSuite. Either the bank receives the file or it is uploaded to the bank. By the time we hear back from the bank, we will be aware of the status of the file as well as the amount that was moved.
What We Suggested
The characteristics of EFT were thoroughly described by our developers, and it was put into use on their website. They have contacted us directly and would like to use the sample format in NetSuite to create Electronic Fund Transfer (EFT) file types. An EFT template was created using the bank file that we provided. Only templates are being created; the rest are standard features of bundles.
The client’s company bank information should also be set up, as the vendor’s bill is handled by EFT when an item is purchased. They have numerous records and various accounts; the sender’s company information will also be set up there, along with the bank information for vendors. The vendor bank record contains all the information. While this may be different from various banks, all information about the vendor is put in the vendor bank record. In the vendor bank details, all bank-related information is entered. This bill can be handled following the creation of bills utilizing the EFT option. A page titled “EFT bill processing” is shown once the bill has been processed, showing how this particular bill was processed. Following the processing of the bill, NetSuite creates a payment for that bill.
In the format provided, our specialists built a new payment file format and worked with the client to use the same EFT template in NetSuite to create a record called “business bank details.” For their vendors, the client developed a record called “vendor bank details.” The vendor’s information, including their bank account number, will be recorded in that account, along with all other information. Our client then produces a bill for the vendor. After that, our client can process payments for invoices via EFT, and a file output will be produced. If an EFT transaction is completed and the customer downloads the file and uploads it to the file bank, a bill payment is created in NetSuite. The money has finally been moved.
Our experts encountered several difficulties when working on this project. When a file is received from the bank, there is some uncertainty over what value should be preserved. When such ambiguity occurs, a field mapping is supplied to the client, who is then instructed to confirm with the bank and give the client a file, and move forward and give approval. Developers that use that format produce a file and deliver it to the client, but when the bank receives it, it has some errors.
Developers are solely familiar with the NetSuite side; they are unaware of the bank side. As a result, when a file is submitted to the bank for confirmation, they initially approve it but later reject it, pointing up problems like how much time has expired.
Then, there are numerous problems with Bundle; occasionally, it displays faults, and at that point, the client will inform us that specific features are broken and displaying errors. There has been a lag in response time as a result of these issues.
Occasionally, customers will request further customization. For example, in the bill processing page, they may ask to add a new file, but the developers are unable to accomplish this because it is a part of the bundle. Similarly, few risks have been taken.
Customers were able to make payments more quickly and easily by using an EFT template, therefore developers started creating EFT templates. This mostly serves to speed up the client’s payment process. Using this solution, their business procedure was improved, and they were now prepared for the future. Making fund transfers electronically is quicker than making payments manually.
The creation of templates is the responsibility of our developers, Clients were given a demo and a detailed explanation of EFT’s features since they were initially unaware of it. If the file has already been made, all that is left to do is make the template; the client is responsible for the rest.
• The needs of the client were successfully met by the knowledgeable team at Jobin & Jismi. Our client was successful in fulfilling the requirements.
• Using electronic fund transfers, payments can be made more quickly and easily than manually. They don’t want to generate a file manually; NetSuite will handle it for them; all the client needs to do is upload it to the bank.
• Other than using EFT to create a file that is then uploaded into the bank, all details should not be entered manually into a file.
• Time can be saved by using EFT, for instance if multiple invoices need to be paid at once a file can be generated and uploaded.
• A lot of time can be saved, and the money can be moved to the bank with ease. So that there won’t be any data corruption and a total amount can be transferred. Payments are created in NetSuite concurrently.
• EFT helps create a bank payment file to pay for commissions, employee expenses, vendor bills, and customer refunds. This enables you to modify the amount for partial payments, change the amount for including or excluding any bill, and adjust the filtering choices to restrict the invoices presented (except refunds). To make reporting and reconciliation easier, choose separate payments for each bill, make a single payment to each vendor, or create your own supplemental grouping.