<img src="https://ws.zoominfo.com/pixel/5BFMW73xT6Cu70sN1cUt" width="1" height="1" style="display: none;">

Introduction to Automate Bank Statement Import SuiteApp

Posted by Sara Duong, Consultant on Nov 24, 2020 2:18:32 PM
Sara Duong, Consultant
Find me on:

calculator-calculation-insurance-finance-53621

calculator-calculation-insurance-finance-53621Are you looking for ways to make the bank reconciliation process easier? There are many ways to slice and dice this need. Before reaching out to another vendor or requesting a NetSuite customization from your Partner, consider NetSuite’s native functionality. As of 2020.1 release, you can now download a bundle called Auto Bank Statement Import to automatically import bank statements on a daily basis.

Are you looking for ways to make the bank reconciliation process easier? There are many ways to slice and dice this need. Before reaching out to another vendor or requesting a NetSuite customization from your Partner, consider NetSuite’s native functionality. As of 2020.1 release, you can now download a bundle called Auto Bank Statement Import to automatically import bank statements on a daily basis.

The SuiteApp enables you to perform the following tasks:

  • Configure your SFTP connection directly on your format profile record.

Connect to your financial institution’s server by setting up your banking credentials. Specify a file name pattern that the system will use to match from your financial institution to import bank statement files into NetSuite.

  • Automate the daily importing of bank statement files into NetSuite.

The first time a format profile for SFTP connectivity is saved, a schedule is created to import your bank statement files automatically. Every day, NetSuite imports any new data from your financial institution into your accounts on the Match Bank Data page. This added functionality lets finance users to focus more on reconciling the bank and credit card transactions between NetSuite and your financial institutions.

  • Perform manual trigger of the bank statement files import process for real-time bank data update.

There’s a few limitations to the App, such as the App does not support IP address allowlisting, importing of bank statement files that are in.zip format, and importing of PGP (Pretty Good Privacy) encrypted files.

The App itself is simple to install.

  1. Make sure the following are enabled in Enable Features à SuiteCloud tab.
    1. Custom Records
    2. Client SuiteScripts
    3. Server SuiteScripts
  2. Go to Customizations à SuiteCloud Development à SuiteApp Marketplace
  3. Look for the Auto Bank Statement Import tile
  4. Click Install

If you are interested in simplifying your monthly statement reconciliation, contact us. Our NetSuite Consultants are ready to support you.

Contact Us

 

 

 

About Us

 

Concentrus is a complete NetSuite solutions provider that guides organizations through how to use NetSuite to reach highly focused business goals and objectives. We provide NetSuite implementation, developer, integration, and customization services to ensure that you have a long-term solution that is tailored to fit your systems, people, and processes.

 

Read About Our Implementation Methodology

 

Want more NetSuite Tips and Tricks? Check out our Short & 'Suite videos

 

 

 

Tags: Project Management, People Management, NetSuite How To's