Amazon deposits can be difficult to reconcile in NetSuite because there aren’t easy ways to match up the transactions in the Amazon file with the orders in NetSuite. Manually trying to match up orders is time-consuming and error-prone. To alleviate the manual effort, increase productivity, and improve accuracy, an automated solution is required. Fourth Wave Consulting customers were struggling with the manual process of reconciling Amazon deposits, so we developed a custom solution to help.
BatchIt is the custom solution Fourth Wave Consulting developed. This process records the payments and credit refunds within NetSuite, as well as provides a quick way to select the applicable transactions in one deposit. The process also provides a summary of all the other charges so a cashback entry can be recorded on the same deposit the transactions were selected on. Once everything is recorded this one deposit will match perfectly to the Amazon deposit line on your bank statement, making bank reconciliation a breeze.
Clients have reported time savings of 3-5 hours on average batch sizes of 70 orders – every 2 weeks. Using BatchIt, a reconciliation from start to deposit creation generally takes less than twenty minutes. Not only does it take less time but because it is automated, the correct orders get matched up every time. The process also provides a list of exceptions that help identify if an order within NetSuite was created incorrectly or if Amazon is withholding additional funds unexpectedly.
This solution can be customized to your specific requirements whether that be recording payments against open invoices or updating cash sales with a batch id to allow selecting them in a deposit via a filter field. If you are struggling with reconciling Amazon deposits (or other marketplaces), contact us, we will be glad to assist with automating this task so you can get back to your more important responsibilities like growing the business.
Note this solution can also be adapted to other types of batch payments such as credit card batches, Walmart Marketplace batches, etc. It provides a good option for batch sizes of 30-8000 orders biweekly.
Batchit supports additional marketplaces including but not limited to
- Merchant processors like Merchant E and Braintree
- Facebook Marketplace
- Ruby Lane
If your marketplace isn’t listed here, most likely we can support it. Just contact us and we will be glad to research it for you.
Sherry from Wesspur
I would like to just say a few words about how much time we have saved in entering payments from Amazon sales:
Approximately every two weeks we receive funds from a payment batch of Amazon transactions that have been deposited into our bank account.
Prior to being able to import the payments, we had to manually enter the payments. This process took approximately 3 to 4 hours of uninterrupted time to enter. Since uninterrupted time is not always available, this process could take a few days while working on other daily activities. After entering the payments, we had to balance the payment batch, make any corrections, then clear the payments in Netsuite. Add another hour or so to the data entry, and you have at least a day or two of time spent on this whole process.
Renee was quickly able to generate a template we could use to download, and import the transactions into Netsuite. Now we can export the data from Amazon, copy into a payment model, run a report in Netsuite and export the transactions to a spreadsheet in the payment model. Any differences are clearly identified, corrections can then be made. Then the payment data is then imported back to Netsuite for payments to be applied. The batch is then deposited. This whole process can be done in less than an hour! Clearly valuable savings on productive employee time!
Thank you Renee and David for creating this model for us to use in processing our Amazon payment batches.
We greatly appreciate it!
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- BatchIt (Reconcile Amazon Batch Payments With Ease) - November 1, 2022