--- title: BACS Requirements slug: jpmorgan/bacs-requirements description: Ensure your vendor has a UK source account, provides the necessary information, and meets specific bank account requirements. docTags: createdAt: 2022-08-02T19:50:46.000Z --- 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 ** | Also known as the Local Branch 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: ::::WorkflowBlock :::WorkflowBlockItem ### Vendor Record The Entity's full name and address must be accurately populated on the Vendor record. ::: :::WorkflowBlockItem ### 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: ::::WorkflowBlock :::WorkflowBlockItem Provide** IBAN **(required) and the **BIC Code **(recommended) ::: :::WorkflowBlockItem Provide **non-IBAN account number** and the **Sort Code** ::: :::: *** ::::ExpandableHeading ## BACS Payments via NetSuite All BACS payments must have a source account located within the UK and have a currency of GBP. ### NetSuite Vendor Record Requirements The following fields must be accurately populated on the Vendor record in NetSuite. - **Company Name**: Max 140 characters - **Type**: Company or Individual - **Address**: Must be a valid GB Address :::hint{type="warning" indent="1"} **IMPORTANT**: Do not use the **Override** feature on the address, as it can interfere with the extraction of accurate address information. ::: - **Phone Number: **Optional - **Print on Check As**: Optional The** Company Name, Type,** and **Address** of the vendor are required. This information lives on the Vendor record and resides in default fields as part of the base NetSuite. ::Image[]{src="https://api.archbee.com/api/optimize/MM6nC_bKbIkwCRqiFZqEu/EbIxVpYsmsAcU6Iw5PJhJ_vendor-netsuite-myers-coaching-services-ltd-2023-07-10-15-23-57.png" size="80" width="937" height="426" position="center" caption="Type, Company Name and Address are required for all payments." showCaption="true"} :::hint{type="info"} **NOTE: Print on Check As **will be used as the vendor name when populated. This is the beneficiary's name that will be transmitted in any remittance. ::: ### NetSuite Vendor Bank Account Requirements For NetSuite users, the Entity Bank Details bundle is required to process ACH 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**. The following fields must be accurately populated: - **Method**: Domestic - **Country**: United Kingdom - **Currency**: GBP - **Type of Accounts**: Default is **Checking** You can use one of two methods to meet the requirements of a BACS Payment: :::Paragraph{listStyleType="decimal" indent="2"} Provide** IBAN **(required) and the **BIC Code **(recommended), or ::: :::Paragraph{listStyleType="decimal" listStart="2" indent="2"} Provide a **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**. The following fields must be accurately populated: - **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. ::Image[]{src="https://api.archbee.com/api/optimize/MM6nC_bKbIkwCRqiFZqEu/OSbrTUQXF34QpCNCx9xZp_bill-netsuite-myers-coaching-services-ltd-2023-07-10-15-38-22.png" size="80" width="997" height="708" position="center" caption="A NetSuite Bill" showCaption="true"} ::::