ANS-1749 · ACCOUNTING & FINANCIAL CONFIGURATION
Recording Inter-Bank Fund Transfers and Reference Numbers in NetSuite
Learn the correct NetSuite transaction type for moving funds between bank accounts and how to manage associated reference numbers.
Short answer
To record a transfer of funds between two bank accounts in NetSuite, use the Transfer Funds transaction. This transaction type is specifically designed for such movements. Utilize the memo field for recording any relevant reference details. Remember to adjust the next available check number in NetSuite if necessary, to maintain accurate sequencing for other check transactions.
Scenario
A user needs to record a transaction where funds are moved from one bank account to another within the same NetSuite instance. This often involves internal transfers or situations where a physical check might be issued from one account to deposit into another. The challenge is identifying the correct transaction type and managing associated reference numbers, such as a check number, for proper reconciliation.
Solution
To accurately record a transfer of funds between bank accounts in NetSuite, follow these steps:
Utilize the
Transfer Fundstransaction. This transaction type is specifically intended for recording movements of money between different bank accounts within NetSuite.The memo field on the
Transfer Fundstransaction can be used to record relevant reference details or notes pertaining to the transfer.If the transfer involves a physical check or requires updating the sequence for other check transactions, navigate to the appropriate NetSuite settings to change the next available check number for your transactions.
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