NetSuite Tutorial | What are deposits in NetSuite?

Ron Danenberg
Ron Danenberg
CTO, Kolleno linkedin url
video poster

NetSuite Training Summary

In this video tutorial, Ron guides you through making a deposit in NetSuite, an essential step for accurately recording funds deposited into your bank account. This includes selecting payments received from existing transactions, adding funds not related to transaction payments, and documenting any cash back received from the bank.

It’s important to note that many organizations allocate customer payments to the Undeposited Funds ledger account rather than directly to a specific bank account. This approach helps avoid discrepancies between the reported bank account balance in your books and the actual bank balance due to processing times. When a deposit is recorded in NetSuite, the system automatically transfers funds from the Undeposited Funds account to your bank’s ledger account, ensuring that your bank account balances are accurately reflected.

However, if customer payments are entered directly into a bank account, bypassing the Undeposited Funds, there’s no need to create deposits for these amounts.

Everything you need to know about NetSuite Deposits:

– NetSuite deposits record bank-bound funds.

– They encompass transaction payments and extra funds.

– Deposits reconcile bank balance discrepancies.

– NetSuite automates funds transfer to bank ledgers.

– No need for deposits if payments directly hit bank accounts.

– Deleting payments during deposit creation risks data corruption.

– Creating a deposit involves selecting accounts and filling forms.

– Automation tools like Kolleno streamline large organization deposits.