Steps of Setting Up the Bank Feed 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
- Then connecting the netsuite to financial institutions of the Australia. Bank Feeds allows you to connect multiple financial institutions with your NetSuite account.
- 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 Accounts in other Countries.
- 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
- You will be asked to input your bank login credentials. Click ‘ Save’ .
- 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 your 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 .
- You can use the Bank Reconciliation Summary portlet to reconcile your bank accounts on a daily basis .
- Clicking on ‘Items to Match’ will direct you to the Match Bank Data page where you can reconcile transactions imported from your bank account with your NetSuite transactions .
- After performing the matching exercise and verifying the transactions, you can click on the Reconcile Account Statement to reconcile your bank statement.