BACS Requirements
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.
