NetSuite Bank Reconciliation Tools

Bank Feeds

Reconciling your bank statements with NetSuite is an important process for any business entity as it helps you to understand if your bank matches with the banking activity in NetSuite and to ascertain if there are any differences and book the differences in NetSuite if need be. NetSuite introduced an automated process with which the bank statements are brought into NetSuite and matches the transactions using specified rules. This feature eliminates the process of manually matching each transaction with NetSuite.

Steps to Configure Bank Feeds

Following are the steps to configure Bank Feeds:

• The first step towards bank feeds configuration will to install the “Bank Feeds” suiteapp in your account:

• You need to define bank accounts in your chart of accounts which will be configured for the Bank Feeds by checking the ” Use Match Bank Data and Reconcile Account Statement Pages”.

• The last step is to configure the financial institution in the system. The benefit of using Bank Feeds bundles is it supports a lists of bank accounts in various region and the user have to use their banking credentials (usually the controller) to connect the bank accounts and map it with NetSuite bank GL Codes.

Auto Bank Statement Import

Some of our customers have experienced issues with Bank feeds where their banking institutions do not support integration with Bank Feeds. Until quite recently the only alternative to this was importing the bank statements manually into NetSuite. That is changed now, as NetSuite introduced a new suiteapp called “Auto Bank Statement Import” which allows us to set up an SFTP based integration with the financial institution where the flat-file needs to be sent to an SFTP from which NetSuite can fetch the data. Some of the things to keep in mind while configuring ABSI:

• Some banks require whitelisting on IP to allow access to their SFTP. This is an issue with NetSuite as NetSuite does not have a static IP. The alternative we used for this is to fetch the bank file in an external SFTP which will have a static IP and use that external SFTP to send data into NetSuite.
• The format in which the file is going to be sent should be thoroughly tested as NetSuite only supports a few formats (CSV, OFX, QFX, BAI2, or CAMT.053).

Matching Bank Data

Imported bank statements either through Bank Feeds or ABSI or Manually are shown in which you can look on the “Match Bank Data” page. Following are the uses of the Match Bank Data page:

• This page enables you to match your bank statement transactions with NetSuite transactions.
• It will also match certain transactions automatically based on defined rules.
• This page allows you to exclude certain transactions from matching.
• You can create new transactions from the same page for the difference amount if need be.
• You can review the matching before submitting it for reconciliation.