Automate Cash Application in NetSuite with Stripe
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Automate applying payments to NetSuite invoices by payment amount or a shared identifier.
Transcript:
SuiteSync automates Cash Application by matching payments to invoices. There are two ways SuiteSync is able to do this: matching by payment amount or by a common identifier. The invoice and payment can be created on separate days and will still be matched.
Here’s an example of matching a payment to an invoice by amount:
First, a $120 payment is created on a customer in Stripe. SuiteSync automatically creates a NetSuite payment. A link to the NetSuite payment is added here, let’s take a look. The payment is initially created as an unapplied payment. Once a $120 invoice is created for the same customer, SuiteSync finds the invoice by the amount, and applies the payment, marking the invoice as “Paid In Full”.
Let’s look at an example of matching by a common identifier:
A $120 payment is created in Stripe and contains a unique identifier. SuiteSync automatically creates an unapplied NetSuite payment for this record.
In NetSuite, an invoice for $150 is created and contains the same unique identifier. SuiteSync finds the invoice by the unique identifier and applies the payment.
Since the invoice is greater than the payment, SuiteSync is able to apply this as a partial payment. A payment can also be applied to multiple invoices.
SuiteSync can use a unique identifier on any standard or custom field on the records to match the payment to an invoice.
If you create the Stripe payment and NetSuite invoice at different times, even days apart, SuiteSync still matches the records.
If a payment match can't be found in NetSuite, SuiteSync can automatically apply the payment to open invoices on the customer’s account.
All the payments applied in NetSuite post to the ‘Undeposited Funds’ account to be later deposited automatically.
When Stripe sends a batch payment to your bank, SuiteSync automatically reconciles the payments contained in the payout to a bank deposit in NetSuite and calculates any processing fees.
The manual process of matching individual transactions to a bank deposit, calculating fees, and handling currency conversion disappears. No other integration can fully automate this reconciliation.
If the customer requests a refund, you can issue a refund directly in NetSuite without having to open Stripe. Simply create a credit memo for the amount you would like to refund, and SuiteSync creates a NetSuite customer refund and applies it to the credit memo while at the same time issuing the refund in Stripe.
If a chargeback occurs, similar to a refund, SuiteSync creates all the relevant records in NetSuite.
SuiteSync also handles Stripe Subscriptions and eCommerce payments. Check out our other videos or visit our website to set up a free test account.