NetSuite Training Summary
In this video tutorial, Ron guides you through making a deposit in NetSuite, an essential step for accurately recording funds deposited into your bank account. This includes selecting payments received from existing transactions, adding funds not related to transaction payments, and documenting any cash back received from the bank.
It’s important to note that many organizations allocate customer payments to the Undeposited Funds ledger account rather than directly to a specific bank account. This approach helps avoid discrepancies between the reported bank account balance in your books and the actual bank balance due to processing times. When a deposit is recorded in NetSuite, the system automatically transfers funds from the Undeposited Funds account to your bank’s ledger account, ensuring that your bank account balances are accurately reflected.
However, if customer payments are entered directly into a bank account, bypassing the Undeposited Funds, there’s no need to create deposits for these amounts.
