Bank Feed Connectivity

Bank Feeds SuiteApp

The SuiteApp retrieves bank data daily to ensure that everything in your bank account is reflected in NetSuite. And then, it imports the data into your account to aid with the bank reconciliation process. This process eliminates the manual effort of importing and matching your banking data in NetSuite.

It’s a free SuiteApp.

This SuiteApp enables you to:

  • Connect NetSuite to multiple financial institutions that operate in the following countries:
    • Australia
    • Asia (Hong Kong, Indonesia, Malaysia, Philippines, Singapore, and Thailand)
    • Europe
    • Oceania (New Zealand)
    • North America (Canada and the United States)

You can also connect to financial institutions that operate globally and are not country specific.

The SuiteApp connects to your financial institution through any of the following:

  • Simple login – Connect to your financial institution by providing only your username and password.
  • MFA (Multi-Factor Authentication) – In addition to your username and password, connect to your financial institution by providing authentication information to validate your identity.

Installing the Bank Feed SuiteApp

Prerequisites

Navigate to to Setup > Company > Setup Tasks > Enable Features, and then click the SuiteCloud tab. Make sure that the following features are enabled on your account:

  • Custom Records
  • Client SuiteScript
  • Server SuiteScript

To install the Bank Feed SuiteApp

  1. Go to SuiteApps.
  2. From the listed SuiteApps, search Bank Feeds SuiteApp in the Search Apps field.
  3. Click the Bank Feeds SuiteApp tile.
  4. Go to the top right area of the Bank Feeds SuiteApp details page and click Install.

Setting Up Bank Feed SuiteApp

When the Bank Feeds SuiteApp is installed, the following records are automatically provisioned to your NetSuite account:

  • Bank Feeds – A pre-installed financial institution record that is locked and cannot be modified.
  • Connect to U.S. and Canada Accounts – A pre-installed format profile record where you can set up your bank feeds configuration for financial institutions operating within the United States and Canada.
  • Connect to Europe Accounts – A pre-installed format profile record where you can set up your bank feeds configuration for PSD2 regulated financial institutions operating within Europe.
  • Connect to Non–PSD2 Europe Accounts – A pre-installed format profile record where you can set up your bank feeds configuration for non-PSD2 regulated financial institutions operating in Europe.

As of version 2021.1.1, only non-PSD2 financial institutions in Switzerland are supported.

  • Connect to Accounts in Other Countries – A pre-installed format profile record where you can set up your bank feeds configuration for financial institutions operating in Australia, New Zealand, Hong Kong, Indonesia, Malaysia, Philippines, Singapore, and Thailand.

These SuiteApp components enable NetSuite to directly connect to your financial institutions and retrieve bank data.

The preinstalled records can be accessed through the Setup Manager (Setup > Accounting > Financial Institution > List).

To set up your bank feeds, you must first connect your NetSuite account to your financial institution using an Authorized Account Information Service Provider (AISP). After a successful connection is established, all bank and credit card accounts associated with your financial institution are automatically connected to your NetSuite account.

Important Things to Note:

  • Before setting up your bank connection, you may want to contact your financial institution to ensure your bank or credit card account is authorized for a bank feed connection.
  • NetSuite imports posted transactions only. The system does not import any pending transactions not yet cleared for posting by your financial institution.
  • Posting and availability of transactions for importing may vary depending on your financial institution. Some transactions may be available on your financial institution’s website but are not yet allowed for downloading until they are completely posted in your account.
  • If there are missing transactions, wait at least 24 hours in case your financial institution posting schedule and your time zone do not match.
  • For Other Countries’ bank feeds integration (Asia, Australia, and New Zealand), some financial institutions have different pending transaction configuration. To avoid duplicate transactions from these financial institutions, NetSuite’s AISP has a waiting period of 3 – 4 days before updating the transaction status to Posted. This action may result in delays in bank transaction import.

Setting Up Bank Feeds

Connect to your financial institution by configuring the following format profile records based on the country of operation.

For example connecting to US and Canada Accounts

  • Connect to U.S. and Canada Accounts (Link Bank Accounts) – Edit this format profile record if you are connecting to a financial institution operating within the United States or Canada. 
  • Go to Setup > Accounting > Financial Statements > Financial Institution > List.
  • On the Financial Institution page, click View next to the Bank Feeds financial institution record.
  • On the Format Profile: Configuration subtab, click Edit next to Connect to U.S. and Canada Accounts.
  • On the Connect to U.S. and Canada Accounts Format Profile page, click the Connectivity Configuration subtab.
  • If you are connecting to a financial institution for the first time, you will see the following notices before you can start the configuration:
  • Disclaimer of Warranties and Terms of Use of Oracle – Read and acknowledge by clicking the Accept button at the bottom of the page.
    • Authorized Information Service Provider (AISP) User Agreement of NetSuite – Read and acknowledge by clicking the Accept button at the bottom of the page.
  • Click Connect New Institution.

The connection configuration setup popup window appears.

Select the bank from the pop up window,

  1. Enter your financial institution login credentials.

Depending on your selected financial institution, perform the following actions:

  • If prompted to enter your login credentials on the configuration setup page, do the following:
    • Enter your financial institution account’s login credentials.
    • Click Continue.
    • If you are configuring an MFA (Multi-Factor Authentication) account which requires additional validation, enter the necessary confirmation.
    • Click Continue.

If the credentials are valid, the system retrieves all bank and credit card accounts associated with your financial institution and automatically connects them to your NetSuite account.

  • If the system redirects you to your financial institution’s website to authenticate, do the following:
    • Enter your financial institution account’s login credentials.
    • If you are configuring an MFA (Multi-Factor Authentication) account which requires additional validation, enter the necessary confirmation.
    • On your financial institution’s authorization page, review and select the bank and credit card accounts you want to connect to NetSuite.
    • Grant NetSuite access to your financial institution account. This action is required before the system can start establishing a secure connection.

The system automatically redirects you back to the bank feeds configuration setup page in NetSuite.

  • Review the list of bank and credit card accounts associated with your financial institution connection.
  • To exclude an account from your connection, clear the box next to the account name.
  • To complete the configuration setup and go back to the format profile page, click Save and Finish.
  • To connect and set up another financial institution account in NetSuite, click Save and Connect More Accounts. 

Linking Bank Accounts

The Account Linking subtab is populated with information from the financial institution accounts for which you have a configured connection. 

  1. To open the appropriate Format Profile page for the appropriate financial institution record:
    1. Go to Setup > Accounting > Financial Institution > List.

NetSuite displays the Financial Institutions page.

  • Next to the appropriate financial institution record, click View.

NetSuite displays the Financial Institution page.

  • In the Format Profile: Configuration subtab, click Edit next to the format profile in which you want to link accounts.

NetSuite displays the Format Profile page.

  • Click the Account Linking subtab.

NetSuite displays the following:

  • A list of the financial institution accounts for which you have configured a connection.
    • The name of the financial institution to which each account belongs.

If no financial institution is identified for an account, No Financial Institution Found appears.

  • Click the Account Linking subtab.
  • From each Linked GL Account list, select a bank or credit card account in NetSuite to link to the adjacent accounts.
  • Click Save to save the format profile, or Save & New to save the current format profile and create a new one.

Automated Bank Data Import for Bank Feeds

The Bank Feeds SuiteApp uses the Financial Institution Connectivity Plug-in to perform an automated process that retrieves bank data and imports them into your NetSuite account. The first time a format profile is saved:

  • NetSuite requests to download the last 60 calendar days of available bank data from your financial institution into NetSuite.
  • A schedule is created to import your data automatically. Every day, NetSuite imports any new data from your financial institution into your accounts on the Match Bank Data page. If the data import fails, NetSuite requests data starting from the last successful update plus seven calendar days back.

We  can track the import status by going to the Banking Import History page. To get to the Banking Import History page, go to Transactions > Bank > Banking Import History.

Bank Data Match and reconciliation

When bank data is imported into NetSuite the Intelligent Transaction Matching feature runs reconciliation rules to automatically match imported lines to corresponding transactions. You can manually match exceptions and reconcile transactions, without requiring spreadsheets or third-party tools.

If you have account statements but importing them is difficult or not possible, you can mark corresponding account transactions in NetSuite as cleared without importing the matching bank lines.

On the Match Bank Data page, you can view side-by-side grids of imported bank lines and account transactions in NetSuite. You can do the following:

  • Match account transactions.
  • For transactions with no matching bank line, mark them as cleared pending submission.
  • Exclude imported bank lines.
  • Review matched and user-cleared account transactions.
  • Submit transactions to clear them in the system.

After you finish manually matching transactions or marking transactions as cleared, submit them. Go to the Reconcile Account Statement page to review the submitted transactions, include or exclude transactions from the reconciliation, and then reconcile the statement.

Navigate to Transactions> Bank> Match Bank Data

Match Bank Data Page appears

  • Select the account which is linked to the bank, to see the transactions
  • Left side of the page shows the imported transactions and right side shows NetSuite transactions.
  • Check the box for same transactions and click submit.
  • Click Reconcile Account Statement Page, to view the reconciled transactions

Choose the account in Reconcile Account Statement

Reconcile Account Statement, will display all the transactions reconciled.

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