Default Payment Account Hierarchy

Written by
Joyce Anne Simpao
Published on
November 1, 2024 at 10:28:55 PM PDT November 1, 2024 at 10:28:55 PM PDTst, November 1, 2024 at 10:28:55 PM PDT

Scenario

You can set up a default payment account for your customer payments, cash sales, and customer deposits in different ways within NetSuite.

Solution

The following is the hierarchy that NetSuite uses for its default payment account:

  1. Payment Method

    Note:This can be found in Setup > Accounting > Accounting Lists > Type: Payment Method

    • IfDeposit Tois marked, either:

      • Undeposited Funds, or

      • SpecificAccountselected

        • If no Account is selected, it will default toSettlement Bank Account

          Note:Settlement Bank Account can be found in Setup > Accounting > Payment Processing Profile.

  2. Accounting Preference

    Note:This can be found in Setup > Accounting > Accounting Preference > Item/Transactions > Default Payment Account.

  3. Undeposited Funds