Setting up NetSuite for Cash Application in Tabs

Overview:

To enable Tabs to help reconcile outstanding balances on invoices correctly, your NetSuite items must be set up with the correct revenue accounts. This guide shows you how to configure those items and accounts properly.

Reconciling invoices in Tabs

Tabs has default reconciliation accounts of Bad Debt and Bank Fees — if you have other ways to account for outstanding balances, you can create them. To set up reconciliation, there are two steps; one requires you to log into your ERP or GL, and then into Tabs

Step 1: Creating items in NetSuite

Step 2: Configuring reconciliation in Tabs

Step 1: Creating items in NetSuite

1. Go to: Lists > Accounting > Items > New (or open an existing item to edit)

2. Choose the item type 'Non-Inventory Item' > 'For Sale'

3. Fill in the basic information:

   1. Name: Use a name to represent this type of reconciliation

4. Open the 'Accounting' tab

   1. Set the “Income Account” to the appropriate account for reconciliation.

This field are used by Tabs to write the correct Journal Entries. If the desired account doesn't exist, you can create it in Setup > Accounting > Chart of Accounts

5. Save the item

Step 2: Configuring reconciliation in Tabs

1. Go to: Integrations > [Your ERP] and click 'Manage'

2. For existing reconciliation accounts, such as 'Bad Debt' and 'Bank Fees', select the appropriate integration item that you have just created in NetSuite.

   1. If it does not yet appear in the dropdown, click 'Sync'

3. To create a new reconciliation method, click 'Add account type'

4. Name the account after how you wish to reconcile balances on invoices, select the corresponding GL account and integration item you previously created in NetSuite.

5. Click 'Save'

Need Help?

Contact your Tabs account manager or email support@tabsplatform.com