Banking

NetSuite banking offers several processing options to accurately track your income. You can record deposits to your bank accounts to capture customer payments and other monies received in the course of doing business. For a deposit, you can select payments received for existing transactions, add funds not related to transaction payments, and record any cash received back from the bank. You can remove undeposited funds from deposits, record cash back from a deposit, manage returned/NSF checks, and more. For more information, see Deposits.

NetSuite enables you to use the Write Checks transaction to issue a check to pay an expense or record a non-check transaction. For more information, see Checking.

To create a transaction that changes the balance in a NetSuite general ledger account, create a Journal Entry. See Journal Entries.

You can move funds from one bank account to another bank account. You can also move funds into non-bank accounts. For more information, see Transferring Funds.

You can add company credit card accounts, enter company credit card charges, pay the company credit card bill, and then reconcile the credit card statement. For more information, see Company Credit Cards.

You can create and save a record for a financial institution, and then add multiple format profiles to it. Format profiles let you set up configuration details for bank data import. Configuration details include how the data gets into the system and how the system parses the data. You can configure an import for bank data matching and reconciliation or for expense reporting. For more information, see Financial Institution Records.

If you use online banking, you can import transaction data automatically or manually. When automatic imports are set up, you can receive new data from your financial institution daily. See Automatic Bank Data Import. Alternatively, you can download transaction data from your financial institution or credit card company, and then manually import the statement into NetSuite. See Manual Bank Data Import.

You may import bank lines that do not have matching customer payments in NetSuite. The Automated Cash Application feature enables you to automatically generate a batch of customer payments in NetSuite and apply them to open invoices. The generated customer payments are then automatically matched and cleared in the system, ready for reconciliation. For details, see Automated Cash Application.

You can use the Intelligent Transaction Matching feature to automatically match imported bank lines with existing and system-generated account transactions. You can view matched and unmatched transactions, as well as manually match exceptions, on the Match Bank Data page. You can reconcile an account statement on the Reconcile Account Statement page, which displays matched and cleared account transactions in NetSuite. For details, see Bank Data Matching and Reconciliation.

Important:

If you have the proper permissions assigned to your role (see Permissions for Banking Features), NetSuite automatically enables all newly-created accounts to use the Match Bank Data and Reconcile Account Statement pages. These pages replace the Reconcile Bank Statement and Reconcile Credit Card Statement pages, which are still functional but are no longer supported. If you currently use these unsupported pages, you should edit your accounts to use the redesigned Match Bank Data and Reconcile Account Statement pages. For details, see Editing Accounts to Use the Match Bank Data and Reconcile Account Statement Pages.

If you have accounts that still use the original reconciliation pages, and you are not ready to migrate them yet, see Reconciling Bank Statements and Reconciling Credit Card Statements.

For information about adding and deleting bank accounts, see Creating Accounts and Deleting Accounts and Making Accounts Inactive.

Related Topics:

Payment Processing Options
NetSuite Accounting Overview
Chart of Accounts Management

General Notices