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.
Following are the steps to configure Bank Feeds:
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:
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:
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