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Cash Management in NetSuite refers to the suite of tools and features provided by NetSuite ERP to help businesses manage their cash flow, bank accounts, and financial operations efficiently. These tools allow companies to streamline financial processes, gain visibility into their cash position, and improve decision-making.
1. Bank Reconciliation:
Automatically match transactions from your bank feeds with transactions in NetSuite.
Manual reconciliation is also supported for unmatched transactions.
Helps maintain accurate cash balances by ensuring your records align with your bank statements.
2. Real-Time Cash Visibility:
Provides a real-time view of cash balances across all accounts.
Helps track inflows (receivables) and outflows (payables) to ensure accurate forecasting and decision-making.
Integration with bank accounts provides up-to-date cash status.
3. Electronic Payments:
Automates the payment process with tools for ACH transfers, wire transfers, and printed checks.
Helps you pay vendors, employees, and other stakeholders efficiently.
Supports integration with multiple payment gateways for faster processing.
4. Cash Forecasting:
Enables the creation of short-term and long-term cash flow forecasts.
Incorporates data from sales orders, purchase orders, and expected payments to provide an accurate forecast of your future cash position.
5. Multi-Currency and Global Support:
Facilitates cash management in multiple currencies, making it suitable for businesses operating globally.
Automatically accounts for exchange rate fluctuations and conversions in reports.
6. Internal Transfers:
Simplifies inter-account transfers for businesses with multiple bank accounts.
Tracks and records all internal cash transfers for auditing purposes.
7. Automation and Workflows:
Automates repetitive tasks like payment approvals, reconciliations, and reporting.
Custom workflows can be configured to suit your business needs.
8. Cash Flow Reporting:
Built-in reports such as Statement of Cash Flows, Bank Register, and Cash Position.
Helps you analyze and improve your cash management strategies.
Reports can be customized to include KPIs specific to your business.
Time Savings: Automating reconciliation and payments reduces manual work.
Improved Accuracy: Eliminates errors caused by manual data entry and ensures your records match your actual cash position.
Real-Time Insights: Enables better cash flow management by providing real-time data on inflows, outflows, and balances.
Global Business Support: Handles complex scenarios like multi-currency transactions and foreign accounts.
Go to the Navigation Menu: Under the Transactions tab, look for options related to Banking or Cash Management.
Enable Cash Management Features: If certain tools are not visible, make sure the related features (e.g., bank feeds, payment automation) are enabled in Setup > Enable Features.