Ins and Outs of Integrating Banks and NetSuite – Register

Ins and Outs of Integrating Banks and NetSuite – Register2020-04-17T22:23:16+00:00

Ins and Outs of Integrating Banks and NetSuite

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Ebru Saglam Ebru Saglam Product Marketing Manager
Deb Morgan Deb Morgan Director Solutions Consulting

With everything going on in the world today and the disruption in business operations, finance teams have to look into ways for becoming more productive, reducing operating costs and improving cash flow for their organization.

Processing of customer payments, vendor payments and reconciliation in NetSuite is a cumbersome and error-prone process when not streamlined through automation. Finance teams spend long hours on reconciliation and manually processing of AR/AP. Celigo’s Cash Application Manager and Vendor Payment Manager applications help companies automate accounting processes by integrating banking transactions into NetSuite, leading to reduced operating costs and improved cash flow.

Join us in this upcoming webinar, where we’ll discuss how automating AR/AP processes in NetSuite helps streamline business operations. You will learn about:

  • Challenges with processing bank payments and reconciliation
  • How automation helps finance teams to work with fewer resources
  • How to improve cash flow and reduce operating costs
  • Best practices for integration between NetSuite and Banking
  • Celigo’s Cash Application Manager
  • Celigo’s Vendor Payment Manager
  • And much more...
Full Webinar Transcript
hello everyone.

Thanks for joining us today. I’m Ebru. I’m a product marketing manager at Celigo. And I’m here today with Deb Morgan, director of Solutions Consulting. So in addition to being an integration expert, Deb also brings many years of experience working in finance and accounting as a controller. And this session is being recorded, so if you have any questions during the presentation, please type them in the chat window and we’ll be answering questions at the end. So with everything going on in the world today, companies are looking into new ways for improving productivity, reducing operating costs and improving their cash flow. And reconciliation and processing of accounts receivable and accounts payable are often done manually, and these are slow and error-prone processes.

And today Deb will talk about how finance teams can automate accounting processes by integrating banking transactions into NetSuite. So before that, let me talk a bit about Celigo. Celigo is an iPaaS integration platform as a service company. On the platform, business processes within or across different departments can be easily automated with integration.

And any application that supports HTTPS, FTP, REST API and some other means of connectivity can be connected to any other application or data source. For example, SAP Concur expanse or Koopa can be connected to NetSuite for automated expense management. Or Stripe to NetSuite integration can be used for automating receiving of payments, invoicing, and recording journal entries into NetSuite. And one thing that makes the platform unique is that it is designed to be used by both business and also advanced technical users. So business users can easily build integrations from scratch, or they can quickly get started with one of our pre-built integrations and applications. And some background on the company. So Celigo has been around for nearly a decade, and we’re the largest NetSuite partner with around 3000 customers. And you can see some of our customers on the slide here. And if you’re familiar with some of these companies, you’ll also notice that we have customers across a lot of different industries. So from software to services, e-commerce to manufacturing, fashion to foods and beverages and many more. And so now I would like to hand it off to Deb.

Perfect. Let’s see. I don’t think I have permission yet– oh there you go. Perfect. All right. Well, thank you for joining today. Much like yourself, I was actually found myself needing some automation and integration almost seven years ago. And my bank recommended Celigo and my NetSuite senior account manager independently recommended Celigo. So I’ve actually been using the products that I’m going to be showing you today for quite some time. But I’ve been here at Celigo now almost three years helping others with their integration. So I just wanted to mention that first. One of the first things I wanted to show you really talk about is when when we talk about banking as it relates to NetSuite, I always think of these thinks as kind of three primary buckets. The first bucket – accounts receivable – that’s where customers are sending in payments that are going to be applied against open accounts receivable invoices. Right? That’s the incoming AR payments. The second bucket I think of is really the outgoing accounts payable files. A lot of people are doing as much as they can now via electronically, ACH payments, etc. Or even if customers have their banks cutting checks of them, getting a file or getting the data over to the bank automatically is something that we see. And it doesn’t even have to be payment files. It could even be positive pay files if you’re cutting checks in-house, so I think of this bucket as really just the outbound-to-bank files. And then the third step that I think of in NetSuite banking is really how do I reconcile all those ins and outs that have been coming using these other two buckets? So today we’re going to really kind of focus in on all of those buckets. But the first bucket that we’re going to focus on a little bit more is accounts receivable incoming payments. Okay?

So the first thing that I wanted to talk about here was my own personal example, so I wanted to use that today– is mine was due to an acquisition. I suddenly found myself literally with 10-X increase of the number of customer AR payments that were coming in, and the majority of these coming in were actually checks. So the first thing we did was we of course added a new lock box, but I was told at the time there would be no additional headcount. I didn’t really have any IT support, and the biggest challenge that we had was we were using this really homegrown kind of cash application system. So my match rates even with the custom solution was still only 50% of my customer payments were created and automatically applied, so that still left me with this huge amount of payments that I was having to work manually. So the first thing that we did here was this is where we kind of looked into SELIGO a little bit closer, and what SELIGO’s cash application manager did for me personally was I was automatically grabbing files from SVB Bank in my example. It can be any bank by the way. We work internationally as well. And we automatically do that– we would bring this information into NetSuite. I’m going to show you actually– jump in and show that to you a little bit later. But we actually store custom records. We store everything about the payment, right? What type of payment, batch information. We even store, if banks are including that– if your banks are having to convert say for example from one currency into your base account currency, we’re even storing what the spot rates were. Things like that. So therefore it’s going to still help you in the long run when you’re actually doing your bank statement reconciliation. And we’ll touch on that a little bit further.

But essentially what this product is actually doing is it’s bringing your payments in from your bank, and that could be either lock box, checks, ACH wires if you’re in Europe, electronic funds. We’re creating your customers payments and then using a matching engine, and you have some flexibility. We’ll be talking about this a little further. And how we go– and we apply those against your accounts receivable invoices. Okay? We even have features that allow you to automatically– allow SELIGO to automatically create journal entries to close out maybe really small amounts that are leftover due to rounding. And so we have quite a bit of features built out for that. And then you’re going to see when I bring it up in the actual demonstration that we really kind of put things in different buckets applied is where you want to get the majority of your payments. You want at least 75, 80% of everything to be created and applied for you automatically where possible. That’s our target. Partially applied doesn’t necessarily mean anything’s wrong with it, it could be that maybe you should have partial credit memo after you invoice them. Unapplied, these are really the buckets that if you think about it, these are the ones that you would just need to assist us with. And we’re going to be going into each one of those a little deeper. But think of unapplied and even identified, and I’m sure some of you can relate to the fact that sometimes you get a payment, there’s no invoice remittance, and you don’t even know who the customer is. So we’ll be walking through some of that. But essentially, what you’re looking for when you’re looking for our customer payment automation is to automatically retrieve all the information from your bank, create your payment, apply the payments where possible, and then for the ones that are exceptions, provide you with a really nice user interface that’s still in NetSuite that allows you to work those exceptions. So this is just kind of giving you a little preview of what you’re going to see in the actual dashboard itself. Notice up here in this URL here, you’ll notice that you’re still in NetSuite. You’re going to be able to access the dashboard. We create a custom role that you would then be able to assign to your team members so they could see the dashboard, they come in in the morning, they look at what happened with the prior day’s bank payments. You’d be able to pick a bank. If you have different banks, you could even filter on specific accounts if maybe your team is split up to work on different bank accounts, or you could even split it up by payment type, maybe by checks or you switch a wire. So you have a lot of variation in how this information is presented to your team. And then, of course, you can run it for a single day. This just happens to be a single day. So on the second you would come in, take a look at it or you could run it across multiple date ranges. And as you can see here on the left, this is really just showing you what we’re going to be doing a deeper dive on.

This record represents your payment status. Remember the job of this product is to create your customer payments and apply them where possible and when we can’t, we want to show you the exceptions. And this case, there were 10 payments came in a very small batch, and 7 of the 10 were handled automatically. You could still go in into your native records, you can go in and make changes to those and apply, reapply as long as you have permission to do that with your user role. And then we’re going to cover this a little bit more in detail. I just wanted to kind of expose you to the fact that you’re not leaving NetSuite. You’re going to be working with native NetSuite payment records and everything is done right here without having to leave NetSuite. So this is something we’ll get into a little bit more but really the one thing that I want to point out about this is you’re not locked in. If for some reason your business matching rules change over time, maybe you’ve acquired another company and instead of using an invoice number they remit a sales order number, we have a lot of flexibility on how we can identify invoices and which ones customers are paying, including NetSuite’s consolidated invoicing feature. So we do support that. And you don’t need a developer or anything. This is a pre-built solution with some flexibility that we go through with you and you can kind of pick and choose your matching rules while we’re implementing. Now what I just wanted to point out in my example, once we implemented [inaudible] Cash Application Manager, we literally went from a 54% automatic match rate to when I actually left the company to a 92%. Now initially, it wasn’t 92, it was in the 80s. But what happened is I actually use some of these custom records that we create to store everything about a payment. And once a quarter, I looked at who are the accounts that are not coming in as fully applied that my team is having to touch. So at the end of the day, I reached out to certain customers that were kind of the repeat offenders, and I was able to work with them to get the match rate up out by asking them to include remittance details. So we can kind of go over that a little bit more as well a little bit later. Actually, there were three, even though the intent of this is not to reduce your headcount in these teams. But I had three people that were really deserving of promotions to move into a different department. And I was able to reallocate those three people and put them in positions that they really wanted to be in terms of moving up in their career path. So for me, that was kind of the result. And again, no IT resources, which was a huge plus. Okay? So the one thing– sorry, let’s just take a minute right now to go into actually the Cash Application Manager. So, on this example here, your team– this is kind of the day in the life of the accounts receivable team. You’re actually going to just go into NetSuite. And then, if you’ve been given the role, you would actually have a dashboard. So this is where your team would come in. This is also just some pre-built reports. It’ll show you if we’ve created a payment. And per the instructions, it’s left some unapplied. I mean, open. So that would be a short-paid invoice. This is where we have that feature where you can set a per-subsidiary, a dollar or percentage threshold, and a GL account. And if you have that turned on, let’s say that anything under $1 for that subsidiary, you would want us to create a journal entry to hit that GL account and close out that AR. So we could do that for you automatically. We do also have another feature that if I don’t see a lot of customers using this, but if you have overpaid transactions, and you want instead of just leaving it unapplied on account– if you want us to create a customer deposit which records your liability so you could refund the customer, we also have per-subsidiary, a dollar, and a percentage threshold. So that would be showing up for [webpage?] transactions. So, as you can see here, we have quite a bit of features that are available depending on your business use case. So let’s take a look really quickly. I’m just going to kind of give you a little quick overview of kind of the day in the life of maybe an accounts receivable. Since I had this date up on this example, let’s go ahead and just use that same date. Let’s load some transactions. Again, this is just a small sample batch. And again, you can also click on the word applied, or you could click on the graph if you want to watch payments. Up to 100 transactions on a page fall into that bucket. You can always come down here and see what’s the story about the payment. This customer [bought?] pumpkin. Sent him 7,500. They happen to have sent in a single invoice in their remittance. If they’d sent in more, you would see a full list of them. We also, by the way– if you have credit memos that you just give your customers like a blanket credit memo that they send in and take whenever they’d like, we do have another feature where we can apply the credit memos for you. I would say though, the majority of the customers I talked to, when they’re creating credit memos, they’re already applying it against an invoice. So if that’s your use case, then you would not want to turn that other feature on. But this is really just telling you that your team, without even leaving this page, can actually see what’s going on with payment. Let’s talk just really briefly about a couple of really neat features. We do support multi-subsidiary, multi-currencies . Also, if you have parent-child– so where a parent is sending in a lot of different child invoices, we can certainly support that. One other nice feature is if you ever have people sending in payments for other children or other people that are not children, so there’s no parent-child relationship, we can automatically split that payment up, as that’s a NetSuite limitation. They will not expose a non-child invoice. So we can actually automatically split that payment up for you and then apply that. So that’s another nice feature that we could do depending on your use case now I just want to show you– there’s a few things here. Partially applied is exactly what it means. We would just need your team to come in and show us how you’d like to have those applied. I’ll work one of those really quickly. And while I do this, I’m just going to show you– behind the scenes for every payment, we’ve actually got a custom record that we’re storing. Everybody bear with us. Our internet’s a little slow. But this is really just capturing and memorializing everything about that payment. This was an ACH payment. Batch information if you ever want to do something– maybe a year from now, you’re doing a bank statement and audit. And they pick a batch and you want to know all the payments that hit that bank account in that batch for that day. You can always run a safe search for this. If your bank has converted using a spot rate, this is where we store that information so that when we create that payment for you, you have the choice of using that. So you won’t have any variances when you’re doing your bank statement reconciliation. This is where we store any invoices that were included with their customer remittance. If there’s more you would see multiple rows, any credit memos that they’ve included. But I want to go back. [inaudible] really easy this motion is. If you need to work this, you would come into the actual native transaction. And you would just open up the native payment that we’ve created for you. And I’m going to talk about– in this one example I know here that’s going to pop up– is this was a situation where, in my account, I had some rules turned on that said if there is another single invoice open for 12,000, then go ahead and apply it. We also have oldest one first rules. We have a number of other rule options. But for mine, I said, if you cannot find anther single invoice open, then leave the rest of it unapplied. So you’ll notice this is the one that the customer remitted. But there’s a number of other invoices that are open for 12,000. So I took a conservative approach for mine and just said, leave it unapplied and let me determine how to do that. But I could have done it, say, using oldest one first, for example. So I’m going to go ahead and just select this one. This is all your team would need to do on this example. And then they would just hit Save. And that’s going to then fully apply to that payment. Now since my internet’s a little slow, while that’s continuing to process, I’m just going to jump through another common example. And that is using unidentiy. This is a really neat feature. If you ever have a customer payment coming in, and this customer, for example, does not exist in that [inaudible]– and if you come over here and you look, this customer did not see any invoice information. So it certainly makes it very difficult. Firstly you have to figure out who the customer is. You’re going to notice here – this is just something that someone set up as a dummy customer – for every subsidiary, you’re going to want to set up a placeholder customer. And I called mine Cash App pending. And we still create that payment for you. But we ask for your help identifying who the customer is. So let’s say you’ve done some research and you want to know who that– you’ve figured our that that customer is actually Blue Pumpkin. They’re just another division and they’re sending in a payment for that. So you search [inaudible]. You select the customer. And when you hit Save, notice what’s happening here. It says, “Would you like us to create an alias for you?” And if technical supply is always going to pay for Blue Pumpkin, you would say, “Yes.” If it’s a one-off, and sometimes they pay for Blue Pumpkin, sometimes others, you would say, “No,” and just work it as a one-off. But if I say, “Yes,” now what it’s going to do now is it’s created an alias so that the next time technical supply sends in a payment without any invoice remittances, I know that I’m really creating a customer payment for Blue Pumpkin. So you don’t ever have to touch that again. Now I’m going to refresh and show you what’s really happening here. So behind the scenes, now that I’ve identified Blue Pumpkin, since there’s no invoices in the remittance, it’s a looking to see in my rules, if there’s a single invoice open for blue pumpkin for $8,800. If there was it can go in and apply that for us. But in this example here, I know that there’s actually a couple of different invoices that the customer is paying. So I’m sorry, our Internet’s a little slower than normal today. So just refreshing that. So you’ll notice too, when I hit refresh, that other partially applied payment that we worked, has now moved into the applied bucket. You don’t have to hit refresh after you work every one of these, I’m just kind of showing you kind of what’s happening behind the scenes. Okay. So if I refresh this, you’re going see how it’s tried to apply it. It couldn’t do that. But it’s going to go in and now open that up for us to apply it. But the key thing here is notice what’s happened on this graph. So this graph is to give you easy visibility into anything Celigo did that was not super straightforward. So you’ll notice I manually matched this customer. Now the next month, let’s say technical supply sends in a payment, and I have this alias set up, then you would get a piece of the pie here called Alias. So you would always be able to easily click on that, see all of the list of payments that were created using an alias. Okay? So the key here is for us to give you visibility into everything we have, so you can easily review that if you choose. Before I move off of this page, I do have one other thing I’d mentioned. If you have check payments and you want to set up, we have another rule option for you for identifying a customer that might not be the same as what you have in NetSuite. And that is where you could set up a maker role. And that’s the string of numbers at the bottom of an account. So if you set that rule up, we can also use that to easily identify a customer when they don’t include remittance details. Okay. So this is really just to give you a little teaser of kind of what the cash Application Manager looks like, how easy it is for you to work, and that your team is only working exceptions, rather than going in and creating all of your payments manually and manually applying. So I want to jump back into our PowerPoint presentation, and just summarize really kind of what we just talked about. And that is taking our customer accounts receivable payments that are coming into your bank, we’re creating those automatically, and using a number of different rules options that are available. We can create those and apply those. And then flag any exceptions for your team to work directly in a user interface in NetSuite. So before moving on, I just wanted to kind of give you that summary of that cash Application Manager. I want to move on next to the second bucket that we talked about. And that second bucket is really outbound vendor payment files. We are seeing a ton of people right now wanting to get out of the check wet-signature business. And even if they want to have their customers cut checks, their bank cut checks for them, they could still send a file to their bank to do that for them. So they don’t have wet signatures in-house anymore. But more and more companies that we work with are sending international payments. So they’re actually using the advanced payment, electronic payment bundle, or even the electronic payment bundle to generate these different file formats such as- not just all ACCD, PPDs or separate files or even Positive Pay files. If your bank requires you to do that if you’re cutting checks. So really thinking about how does Celigo jump in and kind of help you? I do know before I implemented this product, I would have to take a file and either drop a file into a portal at a bank, or in my wires, I was actually having to manually enter each one into a portal. So by automating this, I could let you go through your regular AP process, right? You just go through, decide what you want to pay, and if you’re using the advanced payment bundle, click a button, create the files, and then those are going to go into a file cabinet. We’re going to talk about that here next. But really here the goal on this particular solution is for you to once you’ve decided what to pay, from that point forward, everything’s automated, but still giving you visibility. Because that’s one of the big gaps that I had was once I had entered things, I had no visibility into what was happening from the bank’s perspective. Okay. And archiving some historical information. So sorry for interrupting. You’re not in presenter mode. It’s not presenting? Okay. It’s fine now. So it was just not on presenter mode. Okay, now it’s fine. Yeah, thank you. Thank you. Sorry about that, everybody. Okay, so let’s move on to the next file here. You can see this correctly, right? Okay, perfect. So– Yes.

So let’s just walk through what this looks like from a NetSuite perspective with Celigo moving your files to the bank. So you’re going to be generating these again using either you could create if you’re using us domestic, some banks are taking just a basic CSV file. So you could actually create a safe search to generate those files. We do you see that frequently used for US domestic only. But if it is for international payments, we definitely see you using more electronic payment bundles to generate the files. Then what’s happening is you’re going to drop into the NetSuite file cabinet. And then this is where different banks want you, either, to have us encrypt the files, or send it to the bank, they would then decrypt it so they could read it. And then even some banks send what we call acknowledgment files back. It’s not common for all banks, but some banks do. So they might send you a file back with confirmation numbers, or even reason codes for why maybe they weren’t able to process a payment. So it does vary by bank in terms of what kind of acknowledgment you’re getting back from your bank. And we can cover that more once we jump over to the next slide here. But at the end of the day, the goal here is to get these files over to your bank so that they can begin processing them. And once they’ve done so, to send you an acknowledgment back telling you that they’ve processed all of your payments. Now, this is going to look very similar. The dashboard is still in NetSuite. Remember, for internal controls, though, once you’ve generated your files, you want them to be placed into a secure folder on your NetSuite and your NetSuite folder and your documents. And the reason why we want you to lock those folders down is for internal controls. You don’t want anyone modifying a payee or an amount, for example, after you’ve gone through your approval process for generating those payments in the first place. And what Celigo will do is, you’ll notice here, this is a dashboard very similar, it’s still meant to give your AP teams visibility into what files are moving, but these would not be accessible. Okay? So they wouldn’t be able to go in and modify them. And it’ll actually tell you the NetSuite folder, and you can decide which folder you want. But this happens to be the path for my folder, where Celigo is going to grab that file. And then we’re going to place it on to the SFTP folder that your bank provisions for you. The majority of banks will do that for you. I’ve only encountered one bank so far where they want to set that up. But setting those up are pretty straightforward. And then one of the things that I wanted to show you here is you can actually name your flows for the different files that you’re moving. So maybe in this case, it’s ACH. If you’re moving a check payment file, you could name it that way as well, if you have multiple banks. Just always thinking about how you want to name that so that you can easily see when was the last time a file went to a specific bank. Okay. Now, I also want to talk really quickly about what would happen if in a file, let’s say you have 100 payments, and this is a new vendor for one of the payments, and you have an incorrect account number or routing number. This is where it does vary by bank, but most of the time, the banks have a notification process. They would continue to process all the other payments that are in the file, but they would either notify you via phone or usually email that you have a bad payment. And what most banks recommend for that one is that you would go into that NetSuite payment record with the payment, then go into the vendor record, update their routing and account number information to correct that. And then you would push that again. And you can schedule these to be done. Like, let’s say you’re doing these once a week, you could schedule it at a certain time. I used to have mine running at night. Or you could do one-offs . And that’s pretty common, I would think, in the AP arena, at least it was for me, to have some kind of one off-cycle payments. So you have control over when you’re generating files and when you’re sending the files. So I just wanted to point that out. Okay?

But I wanted to just take one more minute here, before I move off of this, and talk about, what does success mean in your dashboard? Success does not mean that there wasn’t a single bad payment in it. What it means is that Celigo has taken that information and we’ve successfully now moved it to the bank. You do have some notification options. If, for some reason, your bank, FTP, was down you would get a notification. And you would come in, and you would see failed here in red. And then it would tell you specifically why we were not able to move the file. You don’t need to take any action. As soon as Salegal can see that that connection’s been re-established then we would then move that file and update that to success. So the goal here is really just to give your team access to everything that’s moving between the two systems and a status if there is something wrong. Again, what we’re showing you here is pre-built. This is out of the box. It is something that you don’t have to have a team develop. Okay? This is all done with an installed managed bundle in that suite for both cash application manager and in the vendor [permit?] manager. There’s one more thing that I didn’t talk about that we do. I don’t have any screenshots on it, is in every single payment that we are sending in a file, there is a custom checkbox that is created as part of your manage bundle. And it says legal exported payments. So you will always be able to see which payments have actually been sent to the bank before. Okay? So I just wanted to point that out. Now, let’s just summarize really quickly what we talked about on that second bucket, which is really outbound bank payment details to your bank. And that is that Salegal once you’ve created those files, or you set up a safe search for us to automatically run for you, to gather the files if your bank takes say, for example, it seems to be file format. Salegal goes in on a schedule or on an ad-hoc run basis. You can run that [inaudible] as well. We grab the files. We take those and we successfully place those onto your banks’ SFTP folder or processing. So all automated from the time you finish making your payment, everything then would be automated from that point forward. There’s one other thing that I wanted to touch on really quickly here. And that is the credit card statements. I hear a lot of people talking about, what do we do for reconciling maybe our credit card statements? Maybe I haven’t recorded my expenses. Maybe I’m not using something for concur, or some of the other features to record expense transactions for people. I did want to mention briefly, we do have a product. I don’t know where this product was all my life. As a controller, I wish I’d known about it. Anytime you’re having to import TSV files, it could even be your payroll that you’re downloading from ADP. If it’s something that you’re repeating on a regular basis, we have a product that actually is an add-on to your Excel. And it’s actually connected to NetSuite. So your NetSuite [inaudible] in Excel, you’d have a little add-on. And you can create a template. Let’s say it’s a payroll journal entry template. You can build that. You pick the type of transaction you’re creating. This is all done within Excel. You drag over which fields you want from the header and the line-level detail. And then once that templates done, let’s say you get your details from ADP, for example for payroll entry, you just drop them into that. And you click a button and it’ll push it all into NetSuite to create that record for you. That’s just one example. I also have seen where people can set it up to do a little macro, to then go in and create all of their expense transactions from a credit card. Or even create vendors if they’re missing. So there’s a lot of other kind of useful tools out there. So CloudExtend for Excel for NetSuite is a really useful tool. And at the end here, I’m going to talk about where you can actually go out to Salegal, look for CloudExtend, and actually sign up for a free trial for that. But that’s really, really useful. And so we’re just trying to look for ways that we can streamline our manual effort. What takes a lot of time? And credit card statement is actually one that was [inaudible]. So I just wanted to point that out. There’s another– this kind of comes in with that same bucket, if you will, for reconciling bank statements. I don’t know if a lot of people are familiar that banks in general for the longest time have really been in what I call the file business, and files are usually in formats that are not really user friendly. They’re BAI2s or Notches, things like that, and that means it requires what we call a parser to kind of come in, pull out all the unique pieces that we need. Well, as of the NetSuite 2020.1 release, customers are able to actually work with banks. A lot of banks are now developing APIs. So an API, if your bank has that, would allow you to pull your bank statements directly from your bank. This is out-of-the-box NetSuite now, 2020.1 release. And I know for a fact I’ve been working with the top six banks that already have APIs for this. So now a lot of people that were limited because maybe their bank file formats weren’t really supported well with the parser, we are now seeing a lot of people having success using the APIs. And I can speak for [inaudible] because I’ve actually used it now. And so just wanted to point that out. That’s another thing that maybe your team has downloaded those manually and things like that. So that’s another piece that you can look for automation today. So I encourage you to reach out to your banks. Find out if they’re one of the banks that have developed APIs for actually grabbing your bank statements automatically. So you could schedule that. So that’s just one more piece that would save you some manual activity. Now this is just another example– I was talking about Cloud Extend. Imagine that you are in NetSuite. You would literally see these things. It’s like a little add-on and you can kind of pick what kind of template. Do I want to make a new template? What type of records? Selecting fields. It’s super, super easy for you to use. And almost everyone I know that’s in accounting does some sort of a GSV import. Now I can also say that you could also do export. So you could set it up to where when you’re running state searches in NetSuite, you could do an export. Let’s say you created this huge journal entry and you forgot to add one of your segments, maybe [inaudible] department location, something like that. You could actually have it open up in Excel. You can insert the missing information, click a button, and it’ll go back in to update that record. So again it’s kind of a really neat feature in even just your state searches if you want them to open up in Excel. So I encourage you to go out and sign up for a free trial for that, a 14-day free trial. Now at this point before we kind of close, do you have any questions? I’m going to pause here. We’ve covered quite a bit of information, and I wanted to know if there were any questions that we want to cover before we talk about an upcoming webinar that we have? Yes, [inaudible]. Actually there’s a question. So the question is could we turn on AR at a later time or is this all part of the same bundle? If you could address these at the end of the presentation, that would be great. That was the question. Okay, perfect. So think of this product as really two separate bundles. You don’t have to do both at the same time. They’re very independent. So if you only need, for example, a [inaudible] support for moving your files to your banks, for example, that’s a separate bundle. So you could just purchase the Vendor Payment Manager. So there’s no requirement to have both. The same thing with Cash Application Manager. I should also point out that a lot of times people are using multiple banks, but they want to start them and maybe find out– kind of get one live and then do another one. So you’re never locked down into doing kind of multiples at the same time either. But the Cash Application Manager is a separate bundle so you can implement that at a different time as the AP bundle. So you’re not required to purchase all of these although a lot of our clients do purchase both. So hopefully, that answered your question. So there’s one question about [VPN?], the question is do you support international banks? We do. So we frequently work with international banks. I will say though that the majority of the customers that are sending payments to international banks, they are using the advanced electronic payment bundle in NetSuite to generate their files, especially if they’re making international payments for sure but we work with a lot of different banks. And the first thing that I would always say is ask your bank if they’re able to– what kinds of file formats they would want to receive depending on the types of payments that you’re sending and those would usually be supported with your advanced payment bundle for the file creation. And as long as we have the ability to drop the files onto their secure server, we can work with just about any bank. It’s very unusual to come across a bank that does not support that. Okay, great. Another question is do you use OCR to scan remittance from checks? We don’t. So we are not actually scanning these. This is data that we’re getting from the bank so if you have for example a lockbox set up at your bank, they usually can use OCR to scan for example if you’ve included an OCR string at the bottom of your remittance for the customer. That would be where that comes in and then the bank would scan to use that to generate. So if you think about it behind the scenes customer payments coming in, especially checks, those are actually populated based on a specific template for each customer so what data do you want the bank to capture and then remember we’re getting this data from the bank. So I should probably add a comment to that, if you do not have a lockbox and you are scanning what I would like to call a kind of a remote desktop scanning, I started out that way in my start-up company that we were working with, most banks are expecting that you’re entering the NetSuite payments. Some banks will send those remote desktop payments in a file but we would definitely want to explore that further with your bank but most of the time this is for customers who have lockboxes set up successfully already at their bank. But we could look at, if you don’t already have that and you want to explore some other options, we could certainly look at that. And I wanted to add one more thing here, we have been seeing quite a bit of activity around customers who are getting payments from sources other than banks so maybe PayPal, maybe credit cards. Just keep in mind we can actually work with other payment sources as long as we have enough information so it’s [do we?] know who the customer is, if they’re indicating in some way what they want to pay. So keep that in mind also. We’ve kind of spoke specifically to banks during this conversation but we are frequently seeing information come in from sources other than banks so we can certainly do that. So if you have a third-party system that you’re getting information from, either homegrown or something else, keep in mind don’t rule that out. We could certainly look at whether we can support that as well. Okay another question is how are credit memos that come with the remittance handled and [so legal?] Okay, that’s a great question. So we have a feature that, this is really the distinction here, if you have created these credit memos in NetSuite and when you did that you already created them against say an invoice meaning that that credit memo has been applied, then you would not want to turn on the credit memo feature that is and [inaudible] cash application manager. So if they are remitting it, and you don’t have that turned on, then of course the payment is just going to show what the total amount less the credit memo for that payment is going to be applied. So it would be your net. So we don’t do any of the application for the credit memo. If your customer is including– if you have the feature turned on for us to apply your credit memos, then you would want to make sure that these are just kind blanket credit memos, that the customer can define when they want to take it, and again switch invoices. So in the remittances, if they included that, then we would use that instruction when we’re creating the customer payment, we would indicate the credit memo, and we would apply it against the invoices included in the remittance. So basically, if a customer includes it and says, “I want this credit memo to go against the first two invoices.” Then we would follow the instructions in the remittance. Did that answer the question? Any other ones for the credit memos? And if you have any follow-up questions please reach out. We can always work directly with you as well. Yeah, another question I have here is, can customers email remittance in? So if you think about that, we do not have– so [legal?] doesn’t have a way to go in and scrape your emails for remittance. I will say though, we have some customers, for example I just worked with one yesterday, where their customer’s Walmart. So as you can imagine, they have one very large payment that is paying a large number of invoices. So that comes in a manual remittance. So what we have, we actually have the ability to add a feature that would take a file that they drop on an FTP, that would then use that file to do the application. So first we create the payment, then we would look for that file to go on and do the application. But in terms of if each of your customers is just individually emailing you something, then usually that’s not something that [Sliga?] is going to support. But if it’s something like a Walmart or a Target or something large, where you’re getting a file directly where you go download it from Walmart, we hear frequently people saying, then we can absolutely do that to do the application for sure. Okay, great. So another question is, can you talk about credit card settlement deposits and how that [matching?] works with the cash up manager bundle? Okay, so usually, we don’t see credit cards coming in in the cash application manager. Most of the time, if it’s an e-tail order where somebody’s purchased something online, there’s not an open invoice. That’s usually recorded as a cash sale. I mean, there might be some companies who get that. And then if you can imagine, for example, let’s do Amex. One of the things that people don’t realize is a lot of these credit cards, when you first record it, it might be two or three days before it actually settles. So most of the customers we talk to are recording their payments first to undeposited bonds, for example, or a clearing account. And then, actually we have the ability to get a settlement report for your credit card payments, even if you’re not using cash application manager. We are an iPass platform, so we could actually grab settlement files from different credit card processors, and then we can go in and create your bank deposit if you’d like. And the bank deposit tells us exactly which records settled, and then that would do your deposit. So then you have a one-to-one matching now, you have a bank deposit in NetSuite for those things that settled on a specific date, and that’s going to match on your bank statements. You might have an Amex deposit for that particular day. So for credit cards, it does vary. So we would want probably just to have a conversation about what are the transactions that have been reported in NetSuite? We do have a number of different options for helping you create your bank deposit which would move something from undeposited onto your settled accounts. Okay. Another question I have here is related to CloudExtend. We can currently already import in CSV files to import journal entries into CSV imports. How does CloudExtend Excel for NetSuite differ from this? The end result does not differ at all, right? Just like in NetSuite you can create a saved kind of template of format for your saved searches, so the only difference is really a matter of if you have– if you want to– let me just tell you the big benefit that I can think of when I was using it. In NetSuite, if you have a CSV file, and you import it, you have to import it to find out what your errors are. When you’re using CloudExtend for Excel, since it is actually connected to NetSuite, when you are selecting something, or you’ve got a vendor name for example in a file, if it cannot find that, it will immediately flag everything on your Excel page before you even try to push it. So you get real-time validation. You don’t have to wait until you import, and then fix an error, maybe import it again, fix another error. So if I had to pick one big thing that differentiates that, that’s where the real thing here is. You get real-time data validation in the file that you have in Excel because it’s actually looking into NetSuite. So if I had to pick one big one, that would be a big one. Okay. Another question is, if our system shows the credit memo has already been used but the customer’s trying to use again, this means the payment would be unreconciled or a review. Is that correct? If in this example– let me just try to make sure I’m clear here. If this is the customer who has– let’s say $100 invoice was created, and in your accounting system you created a $50 credit memo, meaning that this customer has opening R 50. If they’re including in their remittance $50, and they’re indicating which invoice it is, then it’s still going to create the payment for 50 and apply it, and that would be considered fully applied. Now, if they for some reason included a different dollar amount, remember we’re kind of ignoring that credit-memo amount. We’re looking at the net amount that they wanted applied to that invoice. So in that example, with the 100 if they indicated the 50, even though it’s been applied, as long as you don’t have applied feature turned on, which you wouldn’t want to in that case, then it would still create the payment for the net 50 that the customer indicated, and that would show up as a fully applied on your dashboard. I hope that I understood the question. If not, please reach out. Okay, so one last question is, does your cash application manager support multi-subsidiary and multi-currency? Absolutely. Absolutely. So the one thing that I will say is keep in mind it will not book an inter-company entry for you. So for example, if someone is only allowed to do something, let’s say, in a Canadian subsidiary, and they sent money into a US bank account, as you know, you have to book an inter-company entry to get that cash moved over. But if you have a customer– for example if you’re using the new feature in NetSuite, which allows you to have a single customer across multiple subsidiaries, you can also support that as well, so I hope that that answered your question. Okay. Great. I think that these are all the questions for today. So– So, thank you, everybody. I appreciate you joining– Yeah. So let me just before wrapping it up quickly talk about the upcoming webinar. So we have another webinar coming up next week, and this will be a discussion between accounting experts, so our presenter today, Deb Morgan, will be discussing with Gappify CEO Jotham Ty, who brings a lot of experience in accounting and accounting operations, and they will be discussing strategies for improving cash visibility and cash flow in uncertain times. So you can sign up for this webinar on our website, and if you have any other questions after this webinar, please feel free to reach out to us, so you can email us at [email protected] or just simply go into our website and contact us through the chat window. We would be very happy to hear from you. And, yes, thank you all for joining us, and we hope that you’re staying healthy and safe during these challenging times. Bye. [silence]