NetSuite Reconciliation

What is NetSuite ERP?

NetSuite ERP is a cloud-based suite of applications for managing accounting, order processing, inventory management, production, supply chain and warehouse operations, NetSuite ERP gives companies clear visibility into their data and tighter control over their businesses.

What is Order-to-Cash Reconciliation?

Also referred to as cash application, it’s the process of matching customer orders and refunds to a payment, and ultimately to a payout in the bank account. This ensures that the data used to book key ﬁnancial metrics can be accurately traced to a cash conclusion.

Blue Onion & NetSuite Reconciliation Overview

Use Blue Onion with NetSuite to eliminate the manual and time-consuming process of matching each order to a payout and recording payment processor fees. Blue Onion leverages proprietary algorithms to automatically match each sale transaction to a bank payout. Blue Onion connects to the source data for your orders and payments, which allows us to independently verify your NetSuite order data and identify discrepancies or missing transactions.

How Does It Work?

Verify NetSuite Sales with General Ledger Order Reconciliation

Blue Onion verifies the order dataset in NetSuite and identifies discrepancies for easy investigation. Blue Onion connects to the order and payment source data, which uniquely allows us to run a reconciliation between your NetSuite orders and the already reconciled Blue Onion data.

Three-Way Match Between Sale, Payment, and Bank Payout

Automatically match each NetSuite sales transaction to a payment in the payment processor, and ultimately to a payout in the bank acccount. Blue Onion algorithmically reconciles each originating order and cash sale to its corresponding payment transaction and fees.

Automate Bank Reconciliation

Blue Onion clears out the holding account with transaction-level payment data. In the bank account detail, you’ll now be able to see account transactions that match to cash settlements in the bank account. Run the reconciliation rules within NetSuite and the settlements are automatically matched and ready for your review.

Customize with Chart of Accounts Mapping

Easily map payments, orders, transaction and payout fees to your custom chart of accounts.

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What Information Will Blue Onion Be Able to Provide Me?

What information will Blue Onion be able to provide me?
Blue Onion matches each order to a payment and to a payout in the bank account. The software creates an audit trail from point of sale through to the bank account, including payment processing fees, refunds, and chargebacks.

Does Blue Onion connect with other tech stacks related to our workﬂow?
Blue Onion offers over 25 connections with popular order systems, payment processors, return, and gift card services.

What Are Some Top Challenges Experienced by Companies When Reconciling With NetSuite?

Orders and refunds are flowing into NetSuite but there’s not an easy way to match the cash sale (or customer deposit) to a payout in the bank account. The challenge comes from both the complexity and volume of transactions for an online brand.
Limited visibility into cash in transit and how an order translates to a cash payout.
Significant accounting complexity with foreign currency transactions, connected subscription or return services, and loyalty programs that can be difficult to account for and reconcile.
Multiple payment processors can exponentially increase the time to manually reconcile transactions and investigate discrepancies.

TOP BENEFITS

Have confidence in key financials with an order audit trail from point of sale to bank payout

Blue Onion leverages proprietary algorithms to automatically match each cash sale to a bank settlement, creating an order audit trail and automating the order-to-cash reconciliation process for each transaction.

Save days by automating bank reconciliation

Eliminate the time-consuming task of manually applying cash settlements to orders. Blue Onion automates the process so you can simply click ‘approve.’

Quickly and easily identify issues in your NetSuite order data

Connect to the source data for your orders and payments, which allows us to independently verify your NetSuite order data and identify discrepancies or missing transactions.

Customize with Chart of Accounts mapping

Easily map payments, orders, transactions, and payout fees to your custom Chart of Accounts.

Connect all of your payment processors— or easily reconcile new ones

Blue Onion offers a breadth of payment processor integrations (20+ and growing) so you can easily reconcile new payment methods without additional cost.

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Top Order Systems

Top Payment Processors

Top Return Management Systems

Accounting Systems (ERP)