- Settings to match invoices by Transaction customer over Invoice customer
By default, the Cash Application Manager uses the invoice number present in the bank files to find a matching invoice record in NetSuite and payment is created against the matching invoices found in NetSuite.
In some cases, the bank file may also contain a false invoice number that may still find a match in NetSuite. To avoid this scenario, a new setting has been introduced that allows you to direct the connector to search for invoices under the Transaction customer first and apply payments only to those invoices that belong to the Transaction customer.
As part of this enhancement, the payment is not applied to the incoming invoices which do not belong to the Transaction customer. This functionality is also supported by Parent customers wherein the invoices directly belonging to the Parent customer are matched to the payment while the payment is not applied to any incoming child invoices in case this setting is chosen.
- Multiple payments creation when invoices belong to different customers
In some cases, multiple invoices are supplied with a Bank transaction for different customers. This may happen when a Parent customer pays for its own share and its child customer pays for their own demand or when a third party pays for different customers.
With this release, in the case of Parent-Child payments, Cash Application Manager allows you to create single payment at the Parent level which is then applied to the incoming invoices. In the case of third-party payments, payments are created for every customer and then applied to respective invoices.
When there are short payments made in the case of third-party payments, the payments are applied to invoices till the amount is completely matched. In case of partially applied payments for third-party payments, the remaining amount is utilized to create a payment on the Transaction customer. If the Transaction customer is not selected, the payment is created under the dummy customer.
- Setting to toggle Auto-application of Payments in Wires
This setting allows you to toggle On/Off the auto-application of payment to open invoices for Wires. By default, the auto-application of payments to invoices is On for Wires. If there are no invoices in the incoming file and this setting is ON, the payment is applied to open invoices on the customer. Also, if there is at least one incoming invoice then the payment is applied to the incoming invoice only while any amount remaining will not be applied further. If this setting is turned off, then the payment shall only be applied to the incoming invoices in the files.
- Regular Expressions Support for BofA Wires
This enhancement has been designed for extracting invoices and customer details for Bank of America Wire files using regular expressions. Use of one or more regular expression makes it easier for BofA customers and users to allow easier extraction of invoice and customer details from a Wire transaction. This helps in increasing the match rate of incoming invoices with the NetSuite invoices and boosts the accuracy of overall Cash Application Manager.
To access the regular expression, click on Settings icon pertaining to the Bank File to NetSuite flow. The Settings dialog box is displayed. Click on the File Parsing tab. You can find the regular expression in Type 88 – Continuation Record.