Automated Settlement Reconciliation for NetSuite Pay
Automated settlement reconciliation is also known as automatic reconciliation, auto-recon, and settlement and fee reporting. It allows automated reconciliation of batch settlements, bank deposits with payments, and deposits in NetSuite. Whether you've set up automated settlement reconciliation doesn't affect gateway batch settlement or funds transfer processes upstream. It's used only for recording and reporting.
During automated settlement reconciliation setup, several reports and records are created. Some of these can be customized and updated as needed. Review the following information to ensure your NetSuite Pay automated settlement reconciliation is setup:
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Daily Settlement Batch Scheduling – The Daily Settlement Batch is configured to run daily at 5:00 am by default. You can modify the schedule's timing and frequency as required. For more information, see Scheduling the Daily Settlement Batch.
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Settlement Fees Setup – Fee records are created for each relevant category. Each Fee Type Name includes one of the following suffixes: (fees), (interchange), (network), and (payfac). For example, Wolf Electronics Fees (fees) and Wolf Electronics Interchange (interchange).
To review the records, go to NetSuite Pay > Daily Settlement Batch > Settlement Fee Setup. If you need to include department, class, or location information for journal entries, you can edit the fee records accordingly.
Tip:To determine if department, class, and location are required on the default form, go to Transactions > Financial > Make Journal Entries.
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GL Account Mapping – Your Account Number and Routing Number are automatically added to your Chart of Accounts, based on information in your merchant application.
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Deposit Field Mapping – Map your deposit fields when your deposit form requires department, class, or location in the header. For more information, see Mapping Deposit Fields.
After automated settlement reconciliation is set up, you can view deposits for reconciled payments. To view deposits, go to NetSuite Pay > Daily Settlement Batch > Settlement and Fee Report.
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To view the details of a specific deposit, select the deposit record listed in the Deposit Transaction(s) column. Payments are displayed on the Payments subtab.
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To view the details for the fees of a batch, select the journal record listed in the Journal Entry Transaction(s) column. Fees are displayed in the Lines subtab. Each type of fee appears as a separate line.
In the Settlement and Fee Report, you might encounter records that show Retry in the first column for the deposit record. This indicates that there is a discrepancy in the settlement because a matching payment from the bank settlement couldn't be found in NetSuite. For more information, see Settlement Discrepancies.