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Introduction
Fast Four Credit Card Statement Import is an automation (time-saving) and reconciliation tool.
- It automates generating Credit Card transactions in NetSuite that otherwise have to be done manually.
- It saves time while searching for open vendor bill transaction that was paid, as well as saving time creating the vendor payment.
Supported Scenarios
Fast Four Credit Card only support 2 types of transactions for charges:
- Match on Open vendor bill, where we will create the vendor payment
- Create a Credit Card transaction, or Journal (check preference on the Credit Card configuration)
NOTE: We do not match on closed transactions
| No. | Scenario | Transaction Created | Charge / Credit | Description | Mandatory Fields | Notes (*) |
|---|---|---|---|---|---|---|
|
1 |
Vendor Bill* | Vendor Payment | Charge |
In the Name column, select a vendor In the popup that opens, select a bill |
Name, Transaction(s) | See option "Auto match vendor bills" on configuration |
| 2 | Credit Card Expense | Credit Card Payment or Journal* | Charge |
In the Name column, select a vendor In the Account column, select the expense account |
Name*, Account |
To create a Journal, make sure the preference is enabled on the Credit Card Configuration If you have configured a default vendor* on the Credit Card Configuration, leaving the name blank with use this option |
| 3 | Credit Card Refund | Credit Card Refund or Journal* | Credit |
In the Name column, select a vendor In the Account column, select the expense account |
Name*, Account |
To create a Journal, make sure the preference is enabled on the Credit Card Configuration If you have configured a default vendor* on the Credit Card Configuration, leaving the name blank with use this option |
| 4 | Credit Card Payment (1) | Journal | Credit |
In the account column, select the Fast Four clearing account* NOTE: remove tax code from the line |
Account |
Use a Clearing Account: a) If you have paid the Credit Card from a Bank Account using Fast Four Bank reconciliation SuiteApp, create a Journal use the clearing account for both transactions. b) If you are not using Fast Four Bank reconciliation SuiteApp, also use a clearing account for both transactions. Operating Bank: J/E cr Bank dr clearing a/c Credit Card: J/E dr Credit Card cr clearing a/c |
| 5 | Credit Card Payment (2) | Vendor (Bill) Journal* | Credit |
In the Name column, select the vendor representing the Bank In the Account column, select the AP control account NOTE: remove tax code from the line |
Name, Account |
Create a Vendor Bill: If you do not use Fast Four Bank reconciliation SuiteApp, and will be using Standard NetSuite Bank Reconciliation You could make the bill payment from the correct operational bank account. Alternative option: use option 4(b) above, creating Journal entries instead |