Versapay Team
Collaborative AR ERP Payments for NetSuite

June 18, 2024: ERP Payments for NetSuite (Unified Product) & Collaborative AR (NetSuite ERP) Updates

AUTHOR: Versapay Team

For customers using our ERP Payments for NetSuite (Unified Product) solution or Collaborative AR platform with NetSuite ERP, we're excited to announce several enhancements and bug fixes in our latest release, designed to address specific customer issues, improve your experience, and streamline your financial workflows.

1. Enhanced Referenced Refund in NetSuite ERP

For users who need to handle Referenced Refunds, you can now do this directly within your NetSuite ERP, enhancing your user experience. Referenced Refunds are refunds linked to a previous sale transaction. 

Previously, users had to perform Referenced Refunds using the TPro4 Payment Gateway Virtual Terminal, a separate step outside your NetSuite ERP. This process was not straightforward and required additional effort to manage refunds.

With our new enhancement, Referenced Refunds can be performed directly within your NetSuite ERP. This feature automatically retrieves the original payment method and changes the Payment Operation to ‘Refund’, providing a seamless and integrated refund experience. Please note that each payment requires a separate refund process.

2. Settlement and Fee Reporting Functionality Fixes

For users who rely on Settlement and Fee Reporting, we’ve made significant improvements to the stability and reliability of this feature within your NetSuite ERP. 

Previously, users encountered several issues that disrupted their workflows:

  • Exceeding NetSuite governance limits, preventing deposits from being created.

  • Payments originating in Collaborative AR PayNow or Customer Portal are not being reconciled.

  • Payments originating in Collaborative AR, including Journal Entries, are not being reconciled.

  • Deposits not being created in multi-subsidiary NetSuite environments.

  • The Resolve Open Settlement screen is not defaulting to the proper G/L fee account during fee matching.

With our new update, we’ve resolved all the issues listed above, providing a more stable and reliable Settlement and Fee Reporting process within NetSuite. Deposits are created without exceeding governance limits, all payments are reconciled correctly, and the Resolve Open Settlement screen defaults to the correct G/L fee account.

3. ACH Payments Routing for Multi-Subsidiary Environments

For users operating in multi-subsidiary environments, we’ve improved the routing of ACH payments to ensure they’re processed accurately.

Previously, users accepting ACH payments in a multi-subsidiary NetSuite environment faced issues where the ‘Gateway Account Routes’ feature routed ACH payments to the default merchant account instead of the appropriate merchant account set up under Gateway Account Routes. This misrouting caused discrepancies and required manual corrections.

With this update, ACH payments processed in a multi-subsidiary NetSuite environment will now properly route to the correct merchant account configured under Gateway Account Routes in NetSuite, ensuring accurate and efficient payment processing.

4. Improved Payment Instrument Creation Process

We’ve introduced a new banner to guide merchants in creating Payment Instruments under the Customer Record -> Financial tab, ensuring all necessary fields are displayed correctly. 

Previously, merchants creating Payment Instruments on the payment form in NetSuite found that Handling Mode, Payment Operation, and Payment Processing Profile fields were missing.

With this update, we’ve added a new banner that advises creating Payment Instruments under the Customer Record -> Financial tab (see image below). Following the banner’s guidance will ensure all relevant fields are displayed correctly, providing a smoother and more efficient process for creating Payment Instruments.

5. Invoice Status Preservation in Collaborative AR

For customers using our Collaborative AR platform with NetSuite ERP, we’ve made an important fix to ensure the integrity of invoice statuses within your Supplier Portal. 

Previously, users reported that invoices marked as published in the Collaborative AR Supplier Portal reverted to Draft status when edited or updated in NetSuite ERP. This caused inconsistencies and required additional manual work to maintain the correct invoice status.

With this update, the Draft flag is now removed within the Supplier Portal whenever an invoice is edited or updated in NetSuite ERP. This change ensures that the published status of invoices in Collaborative AR is preserved, providing a consistent and accurate invoicing workflow.

We encourage you to try out these updates and experience the improvements they bring to your financial processes. 

Questions? Please reach out to your Customer Success Manager or email us at [email protected].

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