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