When a merchant is added in Fyle, the expense gets posted to the respective vendor on Netsuite if there's a match and to. the 'Default credit card vendor' (configured in General Mapping) if a match is not found. Since employees make purchases from merchants who may not be in the vendor list you're maintaining in Netsuite, some expenses may be posted to this default credit card vendor. It is generally recommended to create a vendor record called 'credit card misc' for such entries.
If your accountant is interested in running vendor-based reports to track expenses made with a particular merchant, the accountant may not be able to do so with the expenses getting posted to a record like 'credit card misc' . Auto-creating a new vendor in Netsuite whenever a new merchant is added in Fyle will help track expenses made with merchants outside the vendor list you're maintaining in Netsuite.
Following are the steps to auto-create newly added merchants in Fyle as vendors in Netsuite when exporting corporate credit card expenses in Fyle as Credit Card Charges in Netsuite.
Note: Fyle will not auto-create vendors in Netsuite while exporting credit card expenses in any module other than 'Credit Card Charges'.
Auto-Create Fyle Merchants as Vendors in Netsuite
To enable this feature,
Log in to your Fyle-Netsuite Integration using your Fyle Admin credentials.
Head to Settings > Configurations > General.
Enable the Auto-Create Merchant on Netsuite for Credit Card Charge toggle button.
And click Save.
With this setting enabled, when the merchant added in Fyle does not have a corresponding match in the Netsuite vendor list, the integration will auto-create a new vendor on Netsuite and assign the respective transaction to the vendor. If not enabled, the transaction will be recorded as 'Credit card misc' when no match is found in Netsuite for a merchant added in Fyle.
Note: This feature is unavailable when you Import Netsuite Vendors as Merchants to Fyle since it restricts employees from adding new vendors.
If you are already importing vendors from Netsuite and would like to enable the 'Auto-Create Merchants on Netsuite' feature, you have to disable 'Import Netsuite Vendors as Merchants to Fyle'. And, make sure you delete all the vendor records stored in Fyle by following the below steps.
Remove imported vendors/merchants from Fyle
Go to the Admin Settings in the Fyle admin page.
Go to Expenses > Form Fields > Merchant.
Select Delete all choices and click on Update Field.
Your employees will be able to add new merchants (vendors) in the expense form once you've removed the imported vendors from Fyle.
Contact us at [email protected] if you need assistance setting this up.