Setting Up Bank Feeds Integration

When the Bank Feeds SuiteApp is installed, the following records are automatically provisioned to your NetSuite account:

Bank Feeds – A preinstalled financial institution record that is locked and cannot be modified.
Connect to U.S. and Canada Accounts – A preinstalled format profile record where you can set up your bank feeds configuration for financial institutions operating within the United States and Canada.

Note:
If you installed the earlier version of the Bank Feeds SuiteApp, the format profile record name displays as Link Bank Accounts.
Connect to Europe Accounts – A preinstalled format profile record where you can set up your bank feeds configuration for PSD2 regulated financial institutions operating within Europe.
Connect to Non–PSD2 Europe Accounts – A preinstalled format profile record where you can set up your bank feeds configuration for non-PSD2 regulated financial institutions operating in Europe.

As of version 2021.1.1, only non-PSD2 financial institutions in Switzerland are supported.
Connect to Accounts in Other Countries – A preinstalled format profile record where you can set up your bank feeds configuration for financial institutions operating in Australia, New Zealand, Hong Kong, Indonesia, Malaysia, Philippines, Singapore, and Thailand.

These SuiteApp components enable NetSuite to directly connect to your financial institutions and retrieve bank data.

The preinstalled records can be accessed through the Setup Manager (Setup > Accounting > Financial Institution > List). For more information about Financial Institution and Format Profile Records, see Financial Institution Records.

Important:

Only the preinstalled records can be used with the Bank Feeds SuiteApp. Using a custom financial institution and format profile is not allowed and will result to an error during setup.

To set up your bank feeds, you must first connect your NetSuite account to your financial institution using an authorized Account Information Service Provider (AISP). After a successful connection is established, all bank and credit card accounts associated with your financial institution are automatically connected to your NetSuite account.

Important Things to Note:

Before setting up your bank connection, you should contact your financial institution to ensure your bank or credit card account is authorized for a bank feed connection.
NetSuite imports posted transactions only. The system does not import any pending transactions not yet cleared for posting by your financial institution.
Posting and availability of transactions for importing may vary depending on your financial institution. Some transactions may be available on your financial institution’s website but are not yet allowed for downloading until they are completely posted in your account.
If there are missing transactions, wait at least 24 hours in case your financial institution posting schedule and your time zone do not match.
Some financial institutions operating in Asia, Australia, and New Zealand can have different pending transaction configuration. To avoid duplicate transactions from these financial institutions, the system's AISP has a waiting period of 3 – 4 days before updating the transaction status as Posted. This action may result in delays in bank transaction import.

To set up your bank feeds:

Connect to your financial institution by configuring the following format profile records based on the country of operation.
- Connect to U.S. and Canada Accounts (Link Bank Accounts) – Edit this format profile record if you are connecting to a financial institution operating within the United States or Canada. For the steps, see Connecting a U.S. and Canada Financial Institution to NetSuite.
- Connect to Europe Accounts – Edit this format profile record if you are connecting a financial institution operating in countries located in Europe (includes the United Kingdom). You can also configure this format profile record to connect financial institutions that operate globally and are not country specific. For the steps, see Connecting a Europe Financial Institution to NetSuite.
- Connect to Non-PSD2 Europe Accounts – Edit this format profile record if you are connecting a financial institution in Europe that is not PSD2–compliant. For the steps, see Connecting a Non-PSD2 Europe Financial Institution to NetSuite.
- Connect to Accounts in Other Countries – Edit this format profile record if you are connecting a financial institution operating in Australia, New Zealand, Hong Kong, Indonesia, Malaysia, Philippines, Singapore, or Thailand. You can also configure this format profile record to connect financial institutions that operate globally and are not country specific. For the steps, see Connecting a Financial Institution in Other Countries to NetSuite.
After configuring the connection to your financial account, you must link the corresponding GL accounts to your bank accounts in NetSuite. For more information, see Linking Accounts for Financial Institution Connectivity.
Click Save on the format profile record.

After the bank feeds setup configuration is complete, the automated bank data retrieval and import process begins. A progress message appears on the Bank Feeds financial institution record and you can click the Track your status link to view the processing status of your import.

To set up your bank feeds:

Related Topics