Account Transfers (NetSuite)

requirements account transfers are only eligible in usd between bank accounts located in the us both bank accounts must be linked via the fispan wizard both bank accounts must be at the same financial institution mandatory fields on netsuite journal entry forms do not exceed the fields listed below date currency exchange rate subsidiary account any additional mandatory fields beyond those listed above will block the bank plugin from creating and saving journal entries for funds transfers note users on bundle version 2022 23 and older must grant access to non admin roles for the following restlets customdeploy \[mybank] transfer r customdeploy \[mybank] transfer chart r these restlets can be located by navigating to customization > scripting > script deployments once here, set the type filter to restlet , search the page for "transfer" as seen in the restlets above, click edit , and select the appropriate roles to apply to the restlet within the audience section of the page users on bundle version 2023 1 0 and newer do not need to complete this step, as the restlet is applied to all roles by default please update to the latest version the bank transfer (account transfer) feature allows users to transfer funds between their bank accounts, whether it is an intercompany or an intracompany transfer the account transfers creates journal entries and reflects them in the general ledger the account transfers product does not support the use of accounts receivable and accounts payable account types being used as a balancing account intracompany transfers step 1 go to the transfer funds page to initiate transfers between bank accounts under the same subsidiary go to your bank → transfer → transfer funds step 2 initiate a transfer enter the following information under from , select a source bank account using the drop down under to , select a receiving bank account from the drop down menu transfer amount memo (optional) then, select transfer and confirm the transfer details in the pop up to initiate the transfer when selecting the source/destination accounts for the transfer, users can view the book and bank balances for each bank account, to help support decision making balancing accounts are only required for intracompany transfers intercompany transfers what is an intercompany transfer? an intercompany transfer is a transaction that involves transferring funds or assets between two separate entities that are under common ownership these transfers are typically completed using an "advanced intercompany journal entry" in netsuite, which requires the user to specify the source and destination accounts and any balancing accounts needed to ensure that the entries are balanced on both books from an accounting perspective, the end journal entry is comprised of four parts two parts for the source entity a credit from the source bank account a debit to a balancing account, such as a "due from" asset account two parts for the destination entity a debit for the receiving bank account a credit to a balancing account, such as a "due to" liability account the netsuite plugin can automatically detect when a transfer is an intercompany transfer based on the subsidiaries of the accounts involved and propose the necessary balancing accounts step 1 go to the transfer funds page to initiate transfers between bank accounts under different subsidiaries go to your bank → transfer → transfer funds step 2 initiate a transfer under from , select a source bank account using the drop down under to , select a receiving bank account from the drop down menu select the sending balancing account and receiving balancing account transfer amount memo (optional) then, select transfer and confirm the transfer details in the pop up to initiate the transfer transfer history go to your bank → transfer → history here you can view the past transfers and their status (completed/failed) note under the id column, you can select an id number to view transfer details selecting on the id column on the history page will take you to the relevant journal entry created in response to the funds transfer a standard "journal entry" will be recoded for basic transfers, while an "advanced intercompany journal entry" record will be created for intercompany transfers