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Introduction

Reconciliation is the process of comparing documented transactions with actual settlement results. Automated Reconciliation for SuitePayments is a SuiteApp Bundle that takes advantage of the comprehensive, web-based reporting system available from MerchantE (ME). Using NetSuite SuiteCloud technology, the bundle makes calls to the MerchantE reporting API to bring back settlement and deposit details for transactions and updates the associated records in NetSuite.

With the settlement amounts and deposit dates populated by ME within NetSuite, it is easy to confirm agreement or disagreement with the corresponding NetSuite records. NetSuite records that reconcile with the settlement data will show no discrepancy. Records that have a discrepancy are quickly revealed, including where a NetSuite record cannot be found for a transaction reported as settled.

With this bundle, the NetSuite Make Deposit form is augmented to facilitate quick and easy reconciliation by allowing for credit card payments to be filtered by batch records. Once discrepancies are corrected, the batch totals will match bank deposit amounts for easy, accurate accounting deposits.

This bundle utilizes custom NetSuite fields, records, files (JavaScript), saved searches, and SuiteScripts. It builds on and interacts with:

• Cash Sale

• Cash Refund

• Customer Payment

• Customer Refund

• Make Deposit

• Unrecognized Credit Card Transaction (custom)

Since each customer’s reporting access in MerchantE is unique, the user must add their MerchantE Reconciliation credentials to the script parameters. This allows NetSuite to automatically collect settlement and deposit information from your MerchantE Reporting Portal.

Script Deployment schedules, which manage the frequency of updates from MerchantE Reporting Portal to your NetSuite account, are established by you and may be modified to suit your business needs.

Order management in NetSuite allows you to record card authorization and settlement request activity as part of the order workflows. Thanks to Automated Reconciliation for SuitePayments, the initial gateway transaction ID value that MerchantE carries all the way through the settlement process can be used to tie actual settlement results back to the order record in NetSuite.

After the bundle is installed and the parameters are set for your account, a script is scheduled to run periodically to retrieve the settlement and deposit details from MerchantE that will update the various sales records within your NetSuite account. With the records in NetSuite updated in this way, you need only to reconcile between the batch total in NetSuite and the deposit amount posted. If a credit card transaction is reported as settled, but without a corresponding record in NetSuite, the bundle includes the Unrecognized Credit Card Transactions report to help identify these transactions.

International Transactions

International Transactions will be automatically included in the Batch Records. However, you will first need to set up your NetSuite account to use the MerchantE International Gateway. After the international gateway has been set up, reconciliation will follow the same process. For information on setting up the international gateway, see International Gateway for NetSuite.  

Bundle Installation

Pre-Installation Preparations

Before beginning installation, you must:

• Activate credit card payments for MerchantE for SuitePayments. For more information, see MerchantE SuitePayments in NetSuite.

• Request your MerchantE credentials for NetSuite Reconciliation. These will be necessary to allow NetSuite to access your merchant account and deposit records from the MerchantE Reporting Portal.

• Confirm that each of your credit card Payment Methods is set to Group with Undeposited Funds. To check this setting, follow these steps:

  • Navigate: Setup → Accounting → Accounting Lists

  • Select Edit for each credit card brand.

  • On the Account subtab, check the box for Group with Undeposited Funds.

Installation of the Automated Reconciliation Bundle

The MerchantE Reconciliation of Payments bundle is found in the Production Account location. When logged into the NetSuite account as an Administrator, search for the bundle.

Navigate: Customization → SuiteBundler → Search & Install Bundles

1. In the SuiteBundler section of the Customization tab, select Search and Install Bundles.

2. In the Search & Install Bundles screen, search for MerchantE.

3. Select MerchantE Reconciliation of Payments and click Install.

   

Set Up the Batch Report Configuration

1. In NetSuite, search for MerchantE Recon. Select MerchantE Recon Batch Reporting Config.

2. Click New MerchantE Recon Batch Reporting Config.

3. Enter the following information:

   1. Name - Enter a name for the configuration.

   2. Start Date - Select a date when the reconciliation should start.

   3. End Date - Select the date when the Batch Report should end.

   4. Merchant Account Reporting User Name - Enter the username used to access the Business Portal

   5. Merchant Account Reporting Password - Enter the password for the Business Portal.

   6. MerchantE Merchant ID - Enter your MerchantE Merchant ID.

   7. Email Notification To - Select the user that will receive the reconciliation report results.

4. Click Save.

Set Up Customized Transaction Fields

You can customize the fields presented for a transaction to make reconciliation easier. This is done by modifying the Make Deposits option in NetSuite.

Navigate:  Transactions → Bank → Make Deposits

1. In the Bank section of the Transactions tab, select Make Deposits. The Deposit screen appears.

2. In the Deposits tab, click Customize. The Customize Sublist screen appears.

3. The following fields are available in the Additional Columns tab. Fields marked with an asterisk are optional.

   1. MerchantE: Deposit Anticipated*

   2. MerchantE: Deposit Date

   3. MerchantE: Deposit Reference

   4. MerchantE: Settled Amount

   5. MerchantE: Settlement Batch

   6. MerchantE: Settlement Date*

   7. MerchantE: Settlement Discrepancy

4. Navigate to the Additional Filters tab. Enable the MerchantE: Settlement Batch filter.

5. Click Save.

Using the Reconciliation Button

Reconciliation of Credit Card Transactions

This section describes how to use the Reconciliation bundle. The Deposit form is used for reconciliation.

Navigate: Transactions → Bank → Make Deposits

1. In the Bank section of the Transactions tab, select Make Deposits. The Deposit screen appears.

2. Enter the Credit Card Batch number you need to reconcile.

3. Mark all/check the boxes for the transactions that need reconciliation. The Amount will be automatically updated with the selected transactions.

   

4. If your Amount is not the same as the amount your bank has reported, view the MerchantE: Settlement Discrepancy column.

   1. If discrepancies are found by the bundle:

      1. View the transaction by clicking the Date.

      2. Determine the reason and make corrections to the sales records accordingly.

      3. Confirm that adjustments resolve disparity between Amount and bank deposit amount.

   2. If no discrepancies are found by the bundle:

      1. Type MerchantE Unrecognized Credit Card Transactions into the search bar.

      2. Look for any sales records missing from NetSuite for the batch.

      3. Create new sales records as appropriate. This scenario could occur if you accept payments outside of NetSuite, such as a website, that may have been included in the batch.

      4. Confirm that the totals match when you adjust for the unrecognized transactions.

5. Click Save to update Sales Order forms and Reports.

ACH Reconciliation

The Reconciliation bundle can also be used with ACH transactions. Follow the steps outlined above, and note the following:

• Payment Method will show as “ACH”.

• Batch Number for all ACH transactions will begin with “ACH_…”.

• Deposit Reference Number should match the number shown on your bank statement.

Viewing Deposit Details

As the credit card payment reconciliation application runs, it will periodically update your NetSuite records with the settlement and deposit details. These details will appear on the Billing or related subtab found on each of the following records:

• Cash Sale (Billing)

• Cash Refund (Refund Method)

• Customer Payment (Payment Method)

• Customer Deposit (Payment Method)