September 20, 2024: Versapay for NetSuite (Unified Product) Update

We're excited to announce enhancements to our Automated Settlement Reconciliation feature for our ERP Payments for NetSuite solution. These updates are designed to streamline your reconciliation process and enhance your user experience.

1. Improved User Interface

We've made enhancements to the user experience, making it easier for you to view deposits and quickly retry any discrepancies. These changes simplify the process of identifying and resolving failed matches, ensuring smooth reconciliation workflows.

Before: Previously, users faced a more manual and less intuitive process when managing deposits and discrepancies.

After: Now, with the updated interface, users can more easily identify and retry failed matches, streamlining the reconciliation process.

2. Miscellaneous Improvements & Bug Fixes

• Resolved an issue where some Collaborative AR payments were not properly matched within NetSuite.

• Implemented improvements in batch exception handling, enhancing reliability and reducing error rates.

Frequently Asked Questions

How do I obtain the release?

To obtain this release, please update the Versapay SuitePayments for NetSuite Bundle (ID 124110) to version v2024.18. View instructions here for more information on how to update your bundle.

Do I need to make any configuration changes in NetSuite after the update?

To set up Automated Settlement Reconciliation, please contact Versapay Customer Care using our Contact Us form. Our teams will guide you through the setup process.

What is Automated Settlement Reconciliation?

Versapay’s Automated Settlement Reconciliation feature in NetSuite streamlines the process of matching payments with uploaded bank statements. It monitors payment settlements through its connectivity with Versapay’s Payment Gateway and creates Bank Deposit records to move settled Customer Payments and Deposits from Undeposited Funds to Bank GL accounts.

This feature also manages transaction fees charged by Versapay, creating expense entries in the configured GL accounts by using the Cash Back tab in the Bank Deposit record. Any discrepancies, such as missing or unmatched transactions, are flagged for easy resolution, reducing manual effort, improving accuracy, and accelerating the reconciliation process to ensure your records match your bank statements.