Enhanced the functionality for extracting invoice information from the NACHA files
Customers usually provide additional information describing the transaction (for example, the invoice number and customer name) which is often transferred as the transaction detail information in the bank files. For the NACHA files, this information is usually present in the record type 7 (addenda record).
The NACHA (ACH) file can contain multiple rows for record type 7 (addenda record). The connector has been enhanced to extract information from each row of the 705 record for a transaction.
With this enhancement, the connector groups all the 705 rows for a transaction in a bank file before a regular expression is used to extract invoices.
Enhanced the functionality for extracting invoice information from the HSBC wires
Prior to this enhancement, the connector was only using the information in Type 88 – Continuation Record to determine the customer and invoice information. However, the HSBC Wires file may also contain customer or Invoice information in the 7th column of the Type 16 record.
With this enhancement, the connector has been enhanced to also consider the information in the 7th column of the Type 16 record along with all Type 88 – Continuation Record to determine the customer and invoice for a transaction.
Support for manually uploading a bank file in CAM
Prior to this enhancement, the connector only provided you with one option of importing a bank file into the connector, which was by configuring the FTP connection with the bank. In this case, the connector performed a scheduled pull of the bank file from the bank FTP server. This bank file was then processed by the connector to create payments in NetSuite.
As part of this enhancement, the connector has been enhanced to provide you with an additional option to manually upload a bank file from your local system into the connector. A new field, the Enable Manual Upload Mode, has been added in the General section to support this feature.
For more information on all available ways of importing bank file into the connector, see Set Up a Bank File in Cash Application Manager.
Enhanced multi-subsidiary support for payment creation
Prior to this enhancement, CAM allowed you to configure one GL account and dummy customer for one subsidiary. With this enhancement, a new field, Multi-subsidiary Settings, has been added in the Bank File to NetSuite flow that allows you to map GL accounts and Dummy customers for multiple subsidiaries for each payment type. This feature is aimed at ‘One World’ customers who have multiple subsidiaries and have complex accounting needs wherein each subsidiary would require unique GL accounts for payment creation, write-offs, and customer deposits. The accountant or the controller can easily specify the GL accounts for each subsidiary against each payment type and bank. To access this field, click the Settings icon against the Bank File to NetSuite flow. The Setting window is displayed. Click Advanced Settings > Multi-subsidiary Settings.
For more information on this enhancement, see Multi-Subsidiary setup in CAM.
Improved the logic for the Auto-application of Payments to Invoices feature
One of the core factors that directly impact the value to CAM customers is the match rate of payments to open invoices. The Wire files especially in the BAI2 and MT940 formats typically lack the structure of a CSV or a Lockbox file and may not always have sufficient invoice related information. This can result in more payments being unidentified or unapplied. To mitigate this, we have introduced the auto-application of payments to open invoices on a FIFO(First In First Out) basis if there is no invoice information available on the transaction. This shall boost the match rate and reduce the need for manual intervention.
For more information, see Auto-application of Payments to Invoices (Wires).