BACS Requirements

bacs payments are used to move funds within the united kingdom all transfers must be in gbp for netsuite users, the entity bank details bundle is required to process bacs payments through the plugin key terms below are some key terms to help you navigate the instructions and setup for bacs payments more easily term definition international bank account number (iban) a standard international numbering system developed to identify an individual’s account at a financial institution the structure consists of a two letter country code, followed by two digits and up to 30 alphanumeric characters swift/bic code a bank identifier code (bic), also known as a swift code, is an 8 to 11 character alphanumeric code that uniquely identifies financial institutions note if the bic is unavailable, you must provide the bank's full name and address instead sort code this is a 6 digit numeric code used as a unique identifier for financial institutions this code is used for banks within the united kingdom and ireland vendor and bill requirements to prevent payment delays or returns, all payments are required to have the following requirements vendor record the entity's full name and address must be accurately populated on the vendor record billing address and location the entity and bill (if applicable) billing addresses must be located in the country of destination and must match the country specified in the entity bank details record payment requirements payment context swift bic country code gb method domestic country united kingdom currency gbp requirements you can utilize two methods to meet the requirements of a bacs payment provide iban (required) and the bic code (recommended) provide non iban account number and the sort code bacs via netsuite all bacs payments must have a source account located within the uk and have a currency of gbp netsuite vendor requirements summary of requirements company name (max 140 characters) type (company or individual) a gb address, without the use of the "override" feature optional print on check as the company name, type and address of the vendor are required to be populated this information lives on the vendor record and resides in default fields as part of the base netsuite the phone number is optional it is unacceptable to use the " override" feature on the address, as this can interfere with extracting accurate address information print on check as will be used as the vendor name when populated this is the beneficiary name that will be transmitted in any remittance netsuite vendor bank account requirements for netsuite users, the fispan entity bank details bundle is required to process bacs payments through the plugin to learn more about this bundle, use the menu on the left to navigate to the netsuite plugin setup once installed, this bundle can be accessed via the vendor record under the tab "entity bank details " summary of requirements method = domestic country = united kingdom currency = gbp type of accounts (default = checking) you can use one of two methods to meet requirements of a bacs payment provide iban (required) and the bic code (recommended), or provide non iban account number and the sort code netsuite bill requirements in order to be eligible for payment, netsuite bills must be in an open state and marked as approved summary of requirements state = open approval status = approved for bacs payments, the billing address must be in gb and the "override" toggle may not be checked for the address on the bill for bacs payments, only bills in gbp are acceptable the reference no must be no greater than 30 characters the memo must be no greater than 140 characters, if provided