In order to import and match bank data NetSuite, you’ll first need to connect a financial institution to your account. Then, you can configure Nolan ABR to do automatic bank reconciliation. After connecting a financial institution, you can create custom rules in NetSuite to match bank data. In the next section, you’ll learn how to do this. However, you may still want to do it manually.
Connecting a financial institution to NetSuite
In order to connect a financial institution to NetSuite, first you need to grant administrator status to an account. Then, go to the Financial Institutions tab and click the “Add” button. On the resulting page, enter the financial institution’s name and description in the respective fields. If you’re using multi-factor authentication, make sure to click “Save” before you continue. NetSuite will then display the account’s profile.
If you need to connect more than one bank account, you can choose a service that allows multiple financial institutions to be connected to the same account. SuitApp’s Bank Integration can handle two and multiple factor authentication and stores the credentials for 90 days. Once configured, the plug-in can trigger a sync. It may take several days before you can see the results of the integration, but it will work.
Configuring Nolan ABR to do automatic bank reconciliation
To do automatic bank reconciliation, you can use Nolan Advanced Bank Reconciliation. This software can import bank statements from any format in the world, including BAI, CSV, and others. Once you have imported the files, you can use the software’s features to automatically match transactions, post transactions, and amend amounts. In addition, the software includes reports, which can be helpful in preparing financial statements.
Once you’ve configured your ABR to do automatic bank reconciliation, you can assign the appropriate currencies for your transactions. You can enter currency amounts in the General Checkbook Account, Payroll Checkbook Account, and Multicurrency Management, or you can print all the transactions. You can enter originating information using the Reconcile Bank Adjustments window. Then, you can set up Posting Setup so that the originating information is printed.
Creating custom rules in NetSuite to match bank data
Creating custom rules in NetSuite to reconcile bank data is essential for any business. By importing bank data into NetSuite, you can save yourself the time and effort of entering data manually. You can use automated rules that search for certain types of account transactions and Payor/Payee combinations. This way, you can create rules to reconcile account data automatically, reducing manual entry and maximizing the speed of your monthly processing.
NetSuite’s Intelligent Transaction Matching feature matches imported bank lines with account transactions. This feature automatically creates a corresponding account transaction from imported bank lines. You can also manually select unmatched transactions from grids and mark them as cleared or pending submission. After creating these rules, you can use the Intelligent Transaction Matching feature to generate customer payments from imported bank lines. This feature automatically matches bank lines and account numbers, and you can even have multiple rules that match the same data.