Managing cash is crucial for business success. Poor visibility into daily balances can cause financial issues. NetSuite Bank Feeds offers real-time access to financial data, streamlining manual processes and enhancing control over cash resources. NetSuite Bank Feeds setup connects to thousands of financial institutions across North America, Europe, Asia, Australia, and New Zealand, allowing automatic import of bank and credit account balances and transaction histories into NetSuite.

Key Takeaways 

• NetSuite Bank Feeds securely imports transactions from thousands of financial institutions, removing the need for manual imports. 
• NetSuite Bank Feeds keeps cash balances accurate and up-to-date while matching transactions in real-time, providing clear visibility into your business activity.

Understanding Bank Feeds in NetSuite

Accessing your banking information is made easy through your bank’s portal. SuiteApp’s automation services provide instant access to this information. Furthermore, for those with multiple bank accounts and credit cards, NetSuite Accounting services prove to be invaluable for both individuals and corporations. Additionally, with continuous updates at no extra cost, NetSuite users can expect extensive support for their organization’s growth productivity.

Therefore, setting up a financial institution to link with the application is straightforward and can be completed in just minutes. Even accounts secured with multi-factor authentication allow for faster data import than the bank’s own website. The tracking of transactions provides complete transparency regarding income and expenses too.

NetSuite Bank Feeds SuiteApp streamlines the transfer of bank data from your financial institution accounts directly into the ERP. Utilizing the Financial Institution Connectivity Plug-In and an approved account information service provider, SuiteApp securely accesses online financial institution information.

It retrieves bank data on a daily basis, ensuring that your bank account details are accurately reflected in NetSuite, and subsequently imports this data to facilitate the bank reconciliation process. This automation removes the need for manual importing and matching of your banking information in NetSuite.

Install NetSuite Bank Feeds SuiteApp. After installation, the bank feed and associated banks will be set up in your NetSuite account. Go to Setup > Setup Manager > Accounting > Financial Institution > List of Banks 

Key Features of NetSuite Bank Feeds 

Automatic Bank Data Import 

A standout feature of the Bank Feeds SuiteApp is its ability to import bank transactions directly into your NetSuite automation. This eliminates the need for manual updates, ensuring every transaction—deposits, withdrawals, fees, and interest—is recorded in real-time. The SuiteApp consolidates multiple banks and financial institutions, facilitating a smooth integration process so that each transaction is imported into NetSuite with minimal effort.

Transaction Matching and Categorization 

After importing transactions, the SuiteApp immediately begins matching them with those recorded in NetSuite. Its intelligent matching algorithms utilize criteria such as date, amount, and transaction description, resulting in a high match rate and significantly reducing the time required for manual reconciliation. Additionally, SuiteApp allows users to establish custom rules for automatic transaction categorization, ensuring consistency in recording and classifying various transaction types.

Automatic Reconciliation

The Bank Feeds SuiteApp automatically reconciles imported transactions with corresponding entries in NetSuite. This feature ensures the accuracy of your financial records, as every transaction recorded in the bank is accurately reflected in NetSuite. Automating reconciliation minimizes manual tasks, increases accuracy, and allows finance teams to concentrate on more strategic initiatives. 

Customization

Businesses can tailor Rules and Filters to suit their unique transaction treatment needs. The Bank Feeds SuiteApp allows organizations to establish specific criteria for matching and categorizing each transaction. For instance, these rules can automate the categorization of recurring expenses such as utility bills, salaries, or vendor payments.

Multi-currency Support

The Bank Feeds SuiteApp offers robust multi-currency support for businesses that operate internationally or deal with multiple currencies. It automatically converts all foreign currency transactions into the company’s base currency, using real-time exchange rates to guarantee precise financial reporting and compliance with international accounting standards.

Dashboard and Reporting Tools 

The SuiteApp features a sophisticated integrated dashboard and reporting tools that provide a real-time view of financial status. Access reconciled and unreconciled transactions, observe cash flow trends or explore in-depth financial reports. This tool offers insights into the company’s financial health by closely monitoring finance teams and facilitating data-driven decision-making decisions.

Security Features 

Given the sensitive nature of data, security is a top priority. The Bank Feeds SuiteApp is designed to utilize the most robust security protocols, including encryption and secure data transmission, to safeguard financial data during import and integration. In addition, access controls and audit trails ensure that only authorized personnel can view or modify financial information data.

Integration with NetSuite Modules 

The Bank Feeds SuiteApp seamlessly integrates with various NetSuite modules, including Accounts Payable, Accounts Receivable, and Financial Reporting. This collaboration ensures alignment across all aspects of financial management, providing a complete overview of the company’s financial health, which facilitates more accurate budgeting, forecasting, and financial planning.

Support for Multiple Bank Accounts 

Many businesses operate several bank accounts for various needs like payroll, operations, and savings. This SuiteApp facilitates the integration of these accounts, allowing businesses to oversee all financial activities from a single platform. It eliminates the inconvenience of juggling multiple systems and offers a unified perspective of the company’s financial status.

Setting Up Bank Feeds in NetSuite 

Clients often seek to automate the import of bank files into NetSuite to save time. This automation can be achieved through various methods, such as utilizing the native NetSuite Bank Feeds Suite setup tool or collaborating directly with their bank to create an integration, which can be costly and time-intensive. 

Many clients prefer the Bank Feeds option because it is straightforward to configure and don’t incur any fees. The Bank Feeds SuiteApp facilitates the automatic import of bank data from financial institution accounts into NetSuite. 

The setup for NetSuite Bank Feeds ensures secure internet access to bank information via an authorized account information service provider and through the Financial Institution Connectcity Plug-in. 

To help you begin setting up Bank Feeds in NetSuite, here are detailed instructions for configuring financial institutions in the United States and Canada, along with answers to commonly asked questions questions.

Step 1

The client should get in touch with their financial institution to confirm that any bank accounts associated to NetSuite are set up and linked to an online banking service.

Step 2

Select SuiteCloud after going to Setup > Company > Enable Features. Make careful you verify the following: Special Records, Server SuiteScript, and Client SuiteScript

Step 3

Navigate to the Administrator role’s SuiteApps on the ribbon. Search “Bank Feeds.” Select the Bank Feeds SuiteApp and press the Install button. The status will change to ‘Installed’ after installation is finished.

Step 4

The following file formats will be installed automatically in the NetSuite instance after the SuiteApp is installed, allowing you to configure your bank feeds for financial institutions:

• Connect the United States and Canada Accounts
• Connect to Accounts in Europe
• Connect to Europe’s Non-PSD2 Accounts
• Connect to Accounts in Different Nations

Step 5

Select Setup > Accounting > Financial Statements > Financial Institution > List in the Administrator role. Next to the financial institution record for Bank Feeds, click View. Select the “Edit” option next to “Connect to U.S. and Canada Accounts” on the Format Profile: Configuration subtab. Select the “Connectivity Configuration” option.

Terms of use and disclaimer messages will appear if this is a financial institution’s first setup. To continue, read and click Accept.

Step 6

Select the Connect New Institution option. Either look up your bank or choose it from the list. Use your bank credentials to log into the financial institution.

Disclaimer: In order to guarantee security, it is recommended that the client do this step.

Press the Next button.

The system will locate all bank and credit card accounts connected to the bank and immediately link them to NetSuite if the credentials are correct.

Click the checkbox next to the account you want to remove from your connect. Once everything is configured, click Save and Finish.

Step 7

Click Save and Connect More Accounts to connect to another financial institution. The client will need to use their bank login information to accomplish this.

Step 8

Select the Account Linking option. Every financial institution’s account will be shown alongside the bank connected to it. To map the accounts, choose the bank or credit card account in NetSuite from the Linked GL Account column. Press Save. 

Best Practices for Managing Bank Feeds 

Link Bank Accounts to Accounting Software

Ensure your bank accounts are properly linked to your accounting software for automatic transaction imports. This saves time on manual data entry and reduces errors. Use secure connection protocols like OAuth or multi-factor authentication to ensure safe data transfer between your bank and accounting software.

Regular Reconciliation

Regularly reconcile your bank feeds with your bank statements to ensure accuracy. This helps identify discrepancies and prevent errors. Reconcile accounts weekly or monthly, depending on the volume of transactions. More frequent reconciliations help maintain up-to-date financial data.

Categorize Transactions Properly

Many bank feed systems offer automatic categorization. Ensure that the categories are aligned with your chart of accounts and accurately reflect the nature of the transaction. Regularly review automated categories and adjust as necessary to avoid misclassifications, which could affect reporting and tax filings.

Monitor and Resolve Errors Promptly

Set up alerts or reports to flag discrepancies between bank feeds and your accounting records. Investigate any issues such as missing or duplicated transactions quickly. Resolving these promptly can prevent future problems.

Use Bank Rules for Automation

Define custom bank rules in your accounting software to automatically categorize recurring transactions (e.g., subscriptions, salary payments). By using bank rules, you can automate the categorization of frequent transactions and streamline the reconciliation process.

Ensure Data Accuracy

Occasionally check the imported transactions against the actual bank statements to ensure everything has been accurately pulled from the bank feed. Remove duplicate transactions or any irrelevant data from the bank feeds to avoid clutter and confusion.

Stay Updated with Bank Feed Integration

Ensure your accounting software is up to date and integrates properly with your bank’s API or feed system. Updates often improve functionality and security. Check for disruptions in the bank feed connection, as broken links can delay data imports.

Backup and Archive Feeds

Regularly back up bank feed data to avoid data loss. This ensures you have a safe copy of your financial data for future reference or audits. Define a policy for how long to keep bank feed data and how to securely archive old data.

Implement Strong Internal Controls

Limit access to bank feeds and financial data to authorized personnel only. Implement role-based permissions to enhance security. Maintain an audit trail of all transactions and changes made to bank feed data for accountability and transparency.

Train Staff Regularly

Ensure your team is well-trained in how to manage bank feeds, identify issues, and use the tools effectively. Regular training sessions can improve data accuracy and reduce errors.

Closing Remarks 

As a long-time NetSuite Solution Provider and implementation partner, Folio3 implements the #1 Cloud ERP – NetSuite. Folio3’s functional consultants have extensive experience in configuring bank feed integrations to help our clients streamline operations and reduce overhead.

If you’re in need of bank feed integrations or NetSuite optimization, contact Folio3 today.