NetSuite Tips and Tricks – Bank Feeds SuiteApp

August 10th, 2020 | Blogs

In NetSuite’s 2020.1 release, they have added functionality which automates the transfer of financial transactions from your financial institution(s) directly into your NetSuite environment. This is a free SuiteApp bundle called Bank Feeds which is available for all to download. This will allow for quicker and more efficient bank reconciliations. Some of the benefits and features include:

  1. Connect Multiple Financial Institutions & Types
    Not only can you set up your checking accounts but you’ll also have the ability to grab Savings, Money Market, and Credit Card Account data for reconciliation. There are over 9000 supported institutions so even if you are working with a local credit union, it’s possible that they are in the NetSuite list for you to utilize this SuiteApp.
  2. Daily Download of Transactions
    Eliminate the need for downloading statements in a supported file type from your bank so that it loads into NetSuite properly. Some of our customers have previously had to manipulate the files they download from their bank just to get it to properly load through the bank statement import. This will eliminate that completely. Depending on the setup, you’ll receive an email each morning letting you know how many transactions were imported. Reconcile cash in just a few minutes per day rather than making it a long and tedious month-end process.
  3. Automated Transaction Matching
    Using the Match Bank Data page, you’ll see which transactions have been imported and which ones were automatically matched. From here you can manually match any that weren’t matched automatically and then send them into your Reconcile Account Statement module. You’ll also be able to remove any transactions that may have been brought in that are no longer relevant and have been lingering on your reconciliation pages.

The SuiteApp can be installed by any account administrator or, if you prefer, by a Centium consultant team member. It would take approximately 1-2 hours of time to set up the bank account connections and provide necessary training on the functionality. Please reach out to your Centium representative if you would like to learn more or would like for us to help assist in this setup.

RESOURCES:
 Bank Feeds SuiteApp – SuiteAnswer #91099
 Installation Guide – SuiteAnswer #91220
 Supported Financial Institutions – SuiteAnswer #90911


NOTES:
 This is limited to North America and Canada financial institutions
 Administrator access or Financial Institution Records permission is required for Setup