Banking Integrations for Automated Accounting Processes

NetSuite offers a number of powerful tools to manage accounting processes. However, many finance teams end up manually entering and managing data especially during closing periods. Celigo helps companies reduce time spent on closing the books and streamlining accounting processes with unique, out-of-the-box products for integrating banks and NetSuite. Learn about three of these products and a limited time promotion for these products.

Cash Application Manager

Automate invoice matching against customer payments that are made via checks, EFT, wire transfers, and other bank payments with Celigo’s Cash Application Manager, the only product of its kind for NetSuite. The out-of-the-box application enables the secure transfer of bank payment files to NetSuite. These payments are converted into NetSuite transactions and automatically applied against open invoices in NetSuite.

A business rules engine that comes with pre-configured matching rules can be used to create custom rules for determining matches and discrepancies. A visual dashboard available directly in NetSuite offers quick view of the status of all payments with the ability to drill down to specific transactions details. To ensure high match rates, alias matching is available so users can offer different variations of a criteria to be considered a match (e.g., “ABC Co” and “ABC Corp” are both considered matches).

Key Features

• Payment records are automatically created in NetSuite
• Payments are automatically applied against open invoices
• Flexible business rules engine to define custom or update existing matching rules
• Visual dashboard in NetSuite to quickly see the status of payments
• Install and configure pre-built integration with no IT support
• Supports consolidated and single invoices

Vendor Payment Manager

Celigo Vendor Payment Manager is an out-of-the-box application that helps finance teams automate FTP file transfers between NetSuite and banks. Files are automatically sent from NetSuite file cabinet to a bank’s FTP server. Common examples of file transfers that can benefit from automated file transfers between NetSuite and banks include:

• Vendor Payments: Payments made via bank services, such as lockbox, EFT, and wire transfers require payment details to be sent from NetSuite to banks.
• Positive Pay: Positive pay is an automated fraud detection tool that matches checks presented for payment against a list that a company submits to banks on the day the checks are written.
• Electronic Funds Transfers (EFT): Electronic funds transfers (EFT) are used by most companies to receive or remit payments. Requests for EFT need to be submitted to banks based on NetSuite information.

Key Features

• Automatically transfer files from NetSuite to bank’s FTP/SFTP servers
• Track vendor payments that have been sent with custom field in the NetSuite vendor payment record
• Files are encrypted using industry standard PGP (plain or signed) encryption with support for SFTP
• Dashboard to update, manage, and monitor file transfers with the ability to re-try transfers
• Out-of-the-box application requiring no IT or development support

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