This article is relevant if you are using NetSuite and you need a way to lookup information about a customer (or vendor, contact, or other) that is not easy to find or you need practices to receive cash but you can not identify the customer.

Background

With more and more electronic payment processing in cash receipt operations, we are subject to the descriptive reference information we receive from payment processors. When receiving money electronically, we can monitor and/or collect information from the bank or payment processors to help with cash receipt processing. We then can use our NetSuite customer payment records to record inbound cash.

However, for any number of reasons, the reference information supplied by the bank/payment processor may not have the name of the company that sent the funds in a manner that is easy to look up.  Thus, it may be difficult to determine how to apply the cash.

Utilize a NetSuite Alternative Name Lookup

The goal is to be able to use NetSuite’s Global Search so we can quickly find the customer. Similar to the concept of AKA (also known as), on the built-in customer record, there is no extra field we can use to put in some type of alternative name.

The primary names offered on the customer form are as follows:

1. Company Name: field {companyname} used on forms and other outputs for addressing the company.
2. Customer ID: field {entityid} used as a unique identifier which can be auto-generated from the Company Name but can be some other string that fits the organization’s convention for coding customer lookups.

These fields should not be used to put esoteric information about the customer as they drive messaging and communications — lest we will confuse matters further.

Employ a Globally Searched Indexed Custom Field

The quick solution is to add a custom entity-based freeform text field that is marked available for global search. This field can be placed on respective entity record types (e.g., customers, vendors, and contacts) where it is needed to get another index lookup.

The custom field then can be placed near the main name fields are located on forms so that it is easy for users to add information when needed.

Thus, the first time there is some text that is not easy to look up that is used to reference the customer, as soon as the reference entity is determined, it makes sense to edit the business record and include that text in the custom field to help with subsequent cross-referencing.

Click images to see an implementation.

Practice to Receive Cash for Unidentified Customers

The suggested custom field above is helpful — the next time we find ourselves in the situation.   But what do we do in the meantime?

Related to this topic is the idea that indeed cash is received but there is no way to determine where it came from. We want to record cash as quickly as possible to keep up with our bank reconciliation efforts.

Thus, the following practice may be employed:

1. Create an “Unidentified Cash” account: this account should be an Other Current Asset type and normally should be zero dollars but allows us to temporarily park the cash until it can be identified.
2. Use the Other Deposit features of Bank Deposits: a bank deposit record should be used to record the cash from the unknown source. Use the “Other Deposits” feature to reference the other current asset and amount received.  This will create a credit (negative) in that temporarily holding account. Ideally, record any lookup information available about the cash for future reference.
3. Research and Apply Cash: do the research needed to determine the customer so that you can properly apply the cash. Once the customer is identified, use the account mechanism in the Customer Payment record to reference the “Unidentified Cash” account. This will debit the other current asset account. Thus, the “Unidentified Cash” account should now be zero.

See related images for reference.

Innovate and Extend NetSuite

NetSuite is a robust platform designed to be tailored to fit business practices. If a business practice is not supported natively, the platform gives you the tools to invent and shape the software to support the practice — it just takes ingenuity and an appreciation of the platform-tools capacities.

If you found this article relevant, feel free to sign up for notifications to new articles as I post them.  If you would like to work with professionals that are experts in the NetSuite platform with strong accounting and technology prowess, let’s have a conversation.

Marty Zigman

Holding all three official certifications, Marty is regarded as the top NetSuite expert and leads a team of senior professionals at Prolecto Resources, Inc. He is a former Deloitte & Touche CPA and has held CTO roles. For over 30 years, Marty has produced leadership in ERP, CRM and eCommerce business systems. Contact Marty to set up a conversation.

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