Introduction

TransferMate Global Bank Accounts are virtual, multi-currency bank accounts that enable you to pay vendor bills directly from NetSuite. Using the guide below, you can quickly set up global bank accounts for the currencies you require and ensure seamless payment processing.

Prerequisites

To ensure proper bank reconciliation in NetSuite and accurate recording of Bill Payment transactions, you must first create a corresponding General Ledger (GL) account for each TransferMate Global Bank Account.

This GL account will represent the global bank account within NetSuite.

Steps to create a GL account:

1. Navigate to Setup > Accounting > Chart of Accounts.

2. Create a new account.

3. Set the Account Type to Bank.

4. Save the account.

Repeat this process for each Global Bank Account you plan to create.

Create AP Payment Bank Account

Navigate to AP Payment > Setup > AP Payment Bank Account > New

Populate the following fields:

• Name: Use a clear and meaningful name for the bank account. This name will be displayed on the payment batch and vendor bill as the Pay From source.
• Subsidiary: Select the subsidiary associated with this bank account. Only Subsidiaries linked to an active AP Payment Connection will be available for selection.
• Currency: Choose the currency for the Global Bank Account
• Corresponding GL Account: Select the GL Bank account created in the prerequisites step.
  

The following currencies are currently supported for Global Bank Accounts:

EUR, GBP, USD, CAD, AUD, NZD, DKK, ISK, NOK, SEK, BGN, HUF, PLN, RON, AED, CHF, HKD, MXN, MYR, PHP, SGD, CZK

Additional currencies can be added on request by the Product Team after reviewing the requirements.

Upon pressing Save a request to create Global Bank Account is immediately sent to TransferMate.

Start using Global Bank Account

Once the AP Payment Bank Account record has been successfully created, you can retrieve the newly generated bank account details directly from the record itself.

1. Open the AP Payment Bank Account record.

2. Navigate to the Bank Details tab to view the IBAN and bank account information.

Funding the Global Bank Account

Before making your first vendor bill payment in NetSuite, you must fund the Global Bank Account.

To do this:

• Initiate a bank transfer from any external bank account you use.

• Transfer funds to the IBAN / Bank Account displayed in the Bank Details tab of the AP Payment Bank Account record.

Once the funds are credited, the Global Bank Account will be ready to process vendor bill payments in NetSuite.

Once the record is successfully created, you can retrieve your newly created account details directly from there, in the Bank Details tab.

To perform a first vendor bill payment in NetSuite, you need to top up your Global Bank Account with funds.

For that purpose initiate a bank transfer for any external bank account you're using to IBAN/ Bank Account retrieved from the AP Payment Bank Account record.

When you initiate a payment to a Global Account, you should populate the beneficiary field with TransferMate followed by the name of your company (e.g. TRANSFERMATE Company X), or just TransferMate (e.g. TRANSFERMATE PTY LTD or TRANSFERMATE).

Please refer to the table below for further details.