Account Transfers (NetSuite)

account transfers requirements account transfers are subject to the following limitations currency and location transfers are only eligible in usd between bank accounts located in the united states account setup both bank accounts must be at the same financial institution and must be linked via the fispan wizard journal entry fields mandatory fields on your netsuite journal entry forms must not exceed the following list date currency exchange rate subsidiary account any additional mandatory fields beyond those listed above will prevent the bank plugin from creating and saving journal entries for funds transfers important 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 create journal entries and reflect them in the general ledger the account transfers product does not support the use of accounts receivable and accounts payable account types as a balancing account intracompany transfers to initiate transfers between bank accounts under the same subsidiary, follow these steps go to transfer funds go to your bank → transfer → transfer funds initiate a transfer enter the following information from (select a source bank account ) to (select a receiving bank account ) transfer amount memo (optional) then, select transfer and confirm the transfer details in the pop up to initiate the transfer when selecting the source and destination accounts for the transfer, users can view the book and bank balances for each account to support their decision making balancing accounts are only required for intracompany transfers intercompany transfers an intercompany transfer involves moving funds or assets between two separate entities that share common ownership these transfers are typically completed in netsuite using an advanced intercompany journal entry, which requires the user to specify the source and destination accounts along with any balancing accounts needed to ensure the entries are balanced on both entities' books from an accounting perspective, the final journal entry consists 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 for you to initiate transfers between bank accounts under different subsidiaries, follow these steps go to transfer funds go to your bank → transfer → transfer funds initiate a transfer enter the following information from (select a source bank account ) to (select a receiving bank account ) 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 the plugin allows you to easily access the transfer history by following these steps go to history go to your bank → transfer → history here you can view the past transfers and their status completed or failed view transfer details click an id number to view the transfer details this action takes you to the history page, which links to the corresponding journal entry record a journal entry is recorded for basic transfers an advanced intercompany journal entry is created for intercompany transfers