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.
To configure Bank Feeds in NetSuite, the user must begin by establishing a secure and authenticated connection between their NetSuite environment and their Financial Institution. This connection must be made through an approved and authorized Account Information Service Provider (AISP), which serves as the intermediary for securely retrieving banking data. The AISP facilitates encrypted communication between NetSuite and the financial institution, ensuring compliance with data privacy and security standards. Once the connection is successfully established and authenticated, NetSuite automatically identifies and links all eligible bank and credit card accounts associated with the connected Financial Institution. These accounts are then integrated into the user’s NetSuite instance, enabling automatic import of posted transactions. This integration streamlines the reconciliation process, reduces the need for manual data entry, and improves the accuracy and timeliness of financial reporting.
Key Considerations:
- Before setting up your bank connection, you should contact your Financial Institution to ensure your bank or credit card account is authorized for a Bank Feeds connection.
- If there are missing transactions, wait at least 24 hours in case your Financial Institution posting schedule and your time zone do not match.
- NetSuite imports posted transactions only. The system does not import any pending transactions not yet cleared for posting by your financial institution.
- Not every Financial Institution connection experience is the same and not all financial institutions can be accessed, or accessed reliably, using the Bank Feeds SuiteApp. Several factors may affect whether the Bank Feeds SuiteApp will be able to establish and sustain a connection with your financial institutions, including factors outside of NetSuite’s control. In addition, only select bank or payment accounts are supported by the Bank Feeds SuiteApp. Selecting an unsupported account type such as a loan, mortgage, and investment may not apply to your bank feeds setup.
- 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.
- Some financial institutions operating in Asia and New Zealand can have different pending transaction configuration. To avoid duplicate transactions from these financial institutions, the system’s AISP has a waiting period of 3 – 4 days before updating the transaction status as Posted. This action may result in delays in bank transaction import.