NetSuite offers the Bank Feeds SuiteApp, which automates the transfer of bank data into the NetSuite system. This App simplifies bank reconciliation by eliminating the need for manual imports on a monthly basis. The best part is that it doesn’t require any additional licensing from NetSuite. Please ensure that your bank or credit card account is authorized for a bank feed connection prior to configure the same.
Before Installing Bank Feeds SuiteApp
In order for Bank Feeds SuiteApp to work, you will need Administrator access and ensure to check that the following features are enabled on your NetSuite account before installing:
Custom Records
Client SuiteScript
Server SuiteScript
Navigate to Setup > Company > Enable Features
Installing Bank Feeds SuiteApp
To install the Bank Feeds SuiteApp, navigate to SuiteApps. On the SuiteApps search bar, type in Bank Feeds and click on the Bank Feeds SuiteApp by Oracle NetSuite.
On the top right-hand corner of the page, click on the ‘install’ button.
Connecting Financial Institution
Navigate to Setup > Accounting > Financial Institution > List. Click the ‘View’ link next to the Bank Feeds
On the Financial Institution Page, navigate to ‘Format Profile: Configuration’ and click on the ‘Edit’ button beside
Connect to U.S. and Canada Accounts.
On the Format Profile page, navigate to ‘Connectivity Configuration’ and click the ‘Connect New Institution’ button
Wait for the pop-up window to load
Search for your bank account/financial institution and click the ‘Next’ button
Select the account and You will be asked to input your bank log-in credentials. Click ‘ Continue’
After setting up your financial institution, it should appear in the Connectivity Configuration subtab.
Click on the Account Linking subtab to link your financial institution with you bank/credit account in NetSuite
After linking the account, your banking transactions should automatically import into NetSuite for reconciliation.
Upon setup, NetSuite will automatically request financial transactions for the past 60 days from your financial institution. After which, transactions and account balances will be imported daily from your bank.