Bank Feeds
Administrators who have online banking set up with their financial institution can now set up bank feeds
directly from their financial institution accounts. This feature enables you to monitor and manage your cash flow needs with better accuracy and predictability. To set up bank feeds, you can use the new Bank Feeds SuiteApp, which uses a third-party data aggregation service to securely connect to financial institutions. To use the SuiteApp, your NetSuite role must have the Financial Institution Records permission with a full access level. When you set up bank feeds with the Bank Feeds SuiteApp, you can:
- Directly connect to supported financial institutions in the United States and Canada
- Automatically import bank data and account balances on a daily basis directly from your financial institution into NetSuite, which eliminates the need for manual import
- Receive daily updated cash balances Note: The Bank Feeds SuiteApp is only available for financial institutions in the United States or
Canada. However, another way you can set up bank feeds is to develop a custom plug-in and use it
in a format profile record. For details, see Financial Institution Connectivity API.
Whether you use the SuiteApp or develop your own plug-in, you need to configure a connection to your
financial institution. You do this on the new Connectivity Configuration subtab on the format profile record. For details, see Configuring a Connection to a Financial Institution. After configuration, the Account Mapping subtab is populated with information according to the financial institution accounts for which you have a configured connection. The following illustration displays a populated Account Mapping subtab: For more information, see Mapping Accounts for Direct Connectivity. After you save the format profile, NetSuite securely downloads the last 60 days of available bank data, by default. NetSuite also schedules daily updates of your financial data. Note: This schedule is generated by the system and cannot be modified.
Updated bank balances and imported bank data appear on the Match Bank Data page (previously called
Confirm Transaction Matches). In addition to daily updates, there is also a manual update function on the Match Bank Data page. For details, see Updating Imported Bank Data.
Change
As soon as you log in to NetSuite, you can view the status of your accounts through the Account Reconciliation Summary portlet on the Home dashboard. To go to the Match Bank Data page, click the value in the Items to Match column next to an account.
Financial Institution Connectivity API
Note: The Financial Institution Connectivity API replaces the Bank Connectivity API, which is deprecated as of 2020.1. In 2019.2, you could only import a bank statement file manually on the Statement File Import page. In 2020.1, you can use the new Financial Institution Connectivity API to develop a SuiteScript plug-in that can automate the import process. A Financial Institution Connectivity Plug-in, in conjunction with a Parser Plug-in, provides an alternative way to set up daily bank feeds, if you cannot use the Bank Feeds SuiteApp. The API enables you to develop custom SuiteScript plug-ins built for specific financial institutions. You can use these plug-ins for financial institutions both inside and outside of the United States and Canada. Note: The SuiteApp includes a single non-configurable plug-in that you can only use for financial institutions in the United States or Canada. The API also enables you to develop your own connectivity applications that provide more options for the way that your system connects to financial institutions. For more information on the Financial Institution Connectivity Plug-in and its benefits, see Financial Institution Connectivity Plug-in Overview. For details on the Parser Plug-in, see the help topic Parser Plug- in Overview. You can also use the Financial Institution Connectivity API to develop plug-ins in the SuiteCloud Development Framework (SDF). For an overview of SDF, see the help topic SuiteCloud Development Framework Overview. In NetSuite 2020.1, to use a custom Financial Institution Connectivity plug-in, you must always create and configure a financial institution and format profile record. Note: You can only use standard plug-ins in the format profile provisioned by the Bank Feeds SuiteApp. To configure a direct connection to your financial institution, select a plug-in from the new Connectivity Method dropdown list on the Format Profile page. For details on direct connectivity, see Bank Feeds. Note: After you save a format profile with a custom Financial Institution Connectivity Plug-in, you cannot modify the selected plug-in. To import manually, select the Manual Import option from the Connectivity Method list.
Change
Note: Existing format profile records use the manual import method, which you cannot change. For information on configuring format profiles in general, see the help topic Creating Format Profiles.
For information on configuring financial institution connectivity, see Configuring a Connection to a
Financial Institution. For information on mapping accounts in a format profile that uses the direct connectivity method, see Mapping Accounts for Manual Import. Bank Data Matching Improvements
Exclude Imported Bank Data
On the Match Bank Data page, you can now review and exclude imported bank data from the matching
process on the To Be Matched subtab (previously called Unmatched). You may want to exclude a transaction if it is old or a duplicate. To exclude data, see Excluding Bank Data from the Matching Process.
Bank Feeds with a Manual Update Function
Previously, financial institution account data on the Confirm Transaction Matches page was static. You had to manually import new data for reconciliation. In 2020.1, if the administrator configures a format profile for direct connectivity, NetSuite automatically updates bank data each day. On the Match Bank Data page, you receive newly imported bank data, as well as daily bank balances of the account and the bank balance date. For more details, see Bank Feeds. If your account in NetSuite does not contain the latest data, or if there was an import error, you can initiate a manual update on the Match Bank Data page. The Intelligent Transaction Matching feature automatically matches any data that NetSuite creates after the last successful import.
For details, see Updating Imported Bank Data. For details on custom matching rules and manual
transaction matching, see the help topics Creating Custom Transaction Matching Rules and Creating Posting Transactions During Matching. Resize Column Width and Reorder Grid Columns width to view the full information. See Viewing Details of Account Transactions.
- Reorder columns – Adjust the order of columns to suit your needs. For example, you can move the Amount columns next to each other for comparison. See Filtering Imported Bank Data and Account Transactions. Change Workflow and Label Improvements
Match Bank Data page for 2020.1:
- To indicate that the data requires manual matching, the Unmatched subtab is now To Be Matched.
- To indicate that the matches are ready to submit for reconciliation, the Review Matches subtab is now Matches to Submit.
- To avoid any confusion around the difference between transaction confirmation and reconciliation, the Confirm Transaction Matches button is now Submit. After you match transactions, submit your matches for reconciliation. Note: A banner message appears that says NetSuite is confirming and clearing transactions. To reconcile your matches, click the new Reconcile Account Statement link at the top of the page.
- New links – The top of the Match Bank Data page now includes a horizontal list of links that let you
do other tasks, such as import or reconcile data. The links that appear are role-dependent and can
- Import Statement
- Reconciliation Matching Rules
- Go To Register
- Reconcile Account Statement The Reconcile Account Statement page also contains a horizontal list of links (role-dependent), which
- Reconciliation History Report
- Reconciled Statements List Page
- Go To Register