The NetSuite Bank Feeds App Integration: The Easiest Way to Connect to The Bank
Updated: Jul 1, 2021
A common part of a NetSuite implementation or overall ERP system implementation includes the integration with a bank.
NetSuite is a big system used across all over the World so let's see what our options are here.
The first and most basic option is to use a predefined template to download a bank statement via CSV and to upload it manually into NetSuite. This offers an option of building a custom parser which will translate data from the bank file so NetSuite is able to understand it.
This method allows you to establish a connection with the bank via an sFTP protocol, and will allow the system to access the bank data. This will, however, require the installation of an additional sFTP plugin and therefore likely require technical assistance with setup.
Another option is to buy a partner connector that will allow you to process data, potentially using another custom parser. Some will provide additional modifications or multiple layers of security depending on your need.
And now let's get to the point, let's talk about Bank Feeds. Bank Feeds is part of the SuiteApp legacy provided by NetSuite to enhance the automation of your Bank Integration.
Bank Feeds is very easy to set up, as well providing automatic updates of the bank statements into NetSuite, providing either the auto-matching or manual matching with NetSuite on daily basis.
To get the app into the system you will need to have the administrator role and access to the desired bank account:
Open the SuiteApp store and search for Bank Feeds → Open App description and Install
Once it is installed to your account, head to Setup → Accounting → Financial Institution → List.
Select Bank Feeds, select the profile in edit mode and in configure connection section, select Connect to New Institution
When the pop-up appears, you can browse for the bank names → select the bank name you would like to integrate and click authenticate.
Now depending on the bank requirements, you will enter credentials before proceeding. The whole connection processes are estimated to be running within 10 minutes.
How cool is the setup? Just do not forget to link Bank accounts to NetSuite so that you will have the correct mapping.
Anybody can perform this connection, you do not need to be an expert to understand the bank authentication and how it is handled. The whole process is already pre-configured, and the system will handle it for you. From now on you will have the connection up and running for daily imports.
SuitApp Bank Integration can also handle Two/Multi Factor Authentication and store the credentials for 3 months (90 days) before renewal.
Limitations of the feature:
The connection is delivered through a 3rd party provider (Not directly NetSuite) so you need to be aware of the flow of information.
Production and Sandbox can share the same connection, hence if you change connection on SB, it may affect production as well. On the other side, this solution provides real data for testing within the Sandbox account.
Not all banks are yet supported. If your search for banks is not successful you need to use one of previously mentioned solutions. However regular updates mean your bank could perhaps be in the next release.
Interested in finding out more about how NetSuite can help automate your banking process?
The truth is, we’ve only scratched the surface! With Bank Feeds you will get find solution for Bank Integration system that gives you an easy install and setup, supporting a huge portfolio of banks centered around the US and EU.
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