Setting up NetSuite Bank Feeds SuiteApp

Clients are often looking to automate their bank data import into NetSuite to avoid the tedious import of bank files. There are a variety of ways to automate their process. This can include working with their bank to set up an integration through the bank itself, which can be timely and costly or working with the native NetSuite Bank Feeds Suiteapp. Setup of Bank Feeds is simple and free, so for many clients this is an option to consider for their NetSuite setup. The Bank Feeds SuiteApp allows the automatic transfer of bank data from the financial institutions accounts into NetSuite. Bank Feeds uses the Financial Institution Connectcity Plug-in and an authorized account information service provider to access online bank data safely and securely. Below are the step-by-step instructions for setting up financial institutions for U.S. and Canada Financial Institutions, as well as commonly asked questions, to get you started on setting up Bank Feeds in NetSuite.

Step 1:

1. Client to contact their financial institution to ensure bank accounts that will be connected in NetSuite are setup registered for online banking.

Step 2:

1. Navigate to Setup > Company > Enable Features and then click on the SuiteCloud
2. Ensure the following are checked: Custom Records, Client SuiteScript, Server SuiteScript

Step 3:

1. Navigate to SuiteApps on the ribbon in the Administrator role.
2. Search for Bank Feeds.
3. Click on the Bank Feeds SuiteApp and click Install.
4. 
5. Once installation is complete, the status will change to ‘Installed’.

Step 4:

1. Upon installation of the SuiteApp, the following file formats will automatically be installed in the NetSuite instance where you can set up your bank feeds configuration for financial institutions:
   1. Connect to U.S. and Canada Accounts
   2. Connect to Europe Accounts
   3. Connect to Non-PSD2 Europe Accounts
   4. Connect to Accounts in Other Countries

Step 5:

(Disclaimer: The following will be steps for setting up U.S. and Canada Financial Institutions. Steps for Europe, Non-PSD2 Europe and Other Countries may differ)

1. Navigate to Setup > Accounting > Financial Statements > Financial Institution > List in the Administrator role.
2. Click View next to the Bank Feeds financial institution record.
3. On the Format Profile: Configuration subtab, click Edit next to Connect to U.S. and Canada Accounts.
4. Click on the Connectivity Configuration
   1. If this is the first setup of a financial institution, notices of disclaimers and terms of use will pop up. Read and click Accept to proceed.

Step 6:

1. Click on the Connect New Institution
2. Select your bank from the list or search for your bank.
3. Log in to the financial institution with the bank credentials.
   1. Disclaimer: It is advised that the client complete this step to ensure security.
4. Click Continue.
   1. If credentials are valid, the system will find all bank and credit card accounts associated with the bank and automatically connect them to NetSuite.
5. If you would like to exclude an account from your connect, clear the box next to that account.
6. To complete the setup, click Save and Finish.

Step 7:

1. If you would like to connect another financial institution, click Save and Connect More Accounts. This will require the client to log in with the credentials for that bank.

Step 8:

1. Click on the Account Linking
2. All of the accounts for the financial institutions will be listed with their associated bank.
3. In the Linked GL Account column, select the bank or credit card account in NetSuite to map the accounts.
4. Click Save.

Please continue to read to find some additional notes that may help in your setup process:

• The Bank Feeds SuiteApp is managed by Suiteapp and is automatically updated with enhancements or new features.
• If there seem to be missing transactions, the following may be applicable:
  • NetSuite will imported posted transactions only. No pending transactions not yet cleared for posting by the bank will sync.
  • Some transactions might not post immediately. Wait at least 24 hours in the case that the bank has a different posting schedule.
• In some cases, the connection will break between NetSuite and the financial institution, which you will see by a red triangle icon under the Connection column on the Connectivity Configuration subtab. Often that can occur if there is a multi-factor authentication process on the bank side, which is logging you out of NetSuite for security purposes. Contact the bank if this proceeds.

Lori Semerciyan

Technology Consulting Senior Associate at RSM US LLP