Bank Feeds SuiteApp – the new feature from NetSuite
As part of the 2021.1 Release, NetSuite has launched the Bank Feeds SuiteApp which allows businesses to connect their supported financial institutions directly with their NetSuite account and automatically import their bank and credit card statements into NetSuite. Currently, the Bank Feeds SuiteApp supports over 10,0000 financial institutions across North America, Europe, Asia, Australia and New Zealand.
This free SuiteApp from NetSuite provides businesses access to up-to-date financial data, eliminating inefficient manual processes and providing greater control of cash resources. This removes the process of manually downloading a bank or credit card statement from their financial institution, converting it to an acceptable file format then manually importing into NetSuite. As this is a managed SuiteApp by NetSuite, businesses will benefit from receiving the latest updates and enhancements once they are released.
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
Follow the steps below to enable the features:
- Navigate to Setup > Company > Enable Features
- Select the Company subtab
- Select the SuiteCloud subtab
- Tick Custom Records, Client SuiteScript and Server SuiteScript
- Click Save
You will also need to have your bank credentials ready for logging in.
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.
Once it completes, you can navigate to Customization > SuiteCloud Development > Installed SuiteApp List to view the Install Status. This should be set to Complete.
Connecting Financial Institution in Europe
Bank Feeds allows you to connect multiple financial institutions with your NetSuite account. This step will focus on connecting financial institution in Europe.
Step 1 –
Navigate to Setup > Accounting > Financial Institution > List. Click the ‘View’ link next to the Bank Feeds
Step 2 –
On the Financial Institution Page, navigate to ‘Format Profile: Configuration’ and click on the ‘Edit’ button beside Connect to Europe Accounts
Note: This step will slightly vary depending on the country of the financial institution you are connecting with NetSuite
Step 3 –
On the Format Profile page, navigate to ‘Connectivity Configuration’ and click the ‘Connect New Institution’ button
Step 4 –
Wait for the pop-up window to load
Step 5 –
Search for your bank account/financial institution and click the ‘Next’ button
Step 6 –
Select the account ownership type
Step 7 –
You will be asked to input your bank log-in credentials. Click ‘ Save’
Step 8 –
After setting up your financial institution, it should appear in the Connectivity Configuration subtab
Step 9 –
Click on the Account Linking subtab to link your financial institution with you bank/credit account in NetSuite
Step 10 –
After linking the account, your banking transactions should automatically import into NetSuite for reconciliation
Step 11 –
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
Step 12 –
You can use the Bank Reconciliation Summary portlet to reconcile your bank accounts on a daily basis
Step 13 –
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
Step 14 –
After performing matching exercise and verifying the transactions, you can click on the Reconcile Account Statement to reconcile your bank statement