The following questions are frequently asked about configuring the Bank Feeds integration with NetSuite.
Q1 - I am on a JCurve ERP edition can I configure the Bank Feeds integration?
After careful testing and feedback from customers, Bank Feeds is not compatible with the JCurve ERP Edition.
Q2 - How much does the Bank Feeds SuiteApp cost?
The Bank Feeds SuiteApp is a free managed SuiteApp which automatically updates whenever there are enhancements or new features added.
Q3 - How do I check if a bank is supported for Bank Feeds?
The list of supported financial institutions can be found HERE
Q4 - If my bank is not included in the list, can I add them manually?
There is no way to add a new bank to the Bank Feeds SuiteApp. If your financial institution is not available in the list, we recommend connecting to your bank using the Auto Bank Statement Import SuiteApp or use a custom connectivity plug-in instead.
Q5 - Are there plans to support financial institutions operating outside of the currently supported countries?
Bank Feeds integration with financial institutions operating in other countries are targeted for future release.
Q6 - How do I import banking data from financial institutions operating outside the current supported countries for Bank Feeds?
NetSuite supports international banking file formats (ISO20022 CAMT053, SWFIT MT940, BAI2, and OFX/QFX) which can be imported both manually as well as through a secure file transfer protocol (SFTP).
Q7 - What about financial institutions that are not yet supported by Bank Feeds?
The Financial Institution Connectivity API supports custom connectivity plug-ins to financial institutions that are not available through our financial data aggregation partner. For more information on alternative bank integration solutions, please see Auto Bank Statement Import SuiteApp and Bank Statement Parsers SuiteApp.
Q8 - How is Bank Feeds SuiteApp different from other NetSuite Banking SuiteApps?
The Bank Feeds SuiteApp automates the import of bank transactions from your preferred financial institutions operating in the U.S, Canada, Europe, Australia, New Zealand, and Southeast Asia.
The SuiteApp utilises a Financial Institution Connectivity Plug-in to process the automated daily import schedule of your bank data. Configuring the connection only requires your banking credentials.
The Auto Bank Statement Import (ABSI) SuiteApp requires an SFTP connection to connect to your bank. Configuring the connection requires SFTP server credentials and import file details. The SuiteApp also works in conjunction with Bank Statement Parsers SuiteApp for bank data to be uploaded into NetSuite. The ABSI and Bank Statement Parsers SuiteApps are available in all regions.
Q9 - Can I use custom bank integration with the Bank Feeds SuiteApp?
You can use Financial Institution Connectivity API to integrate with other banks.
Q10 - Are MFA (Multi-Factor Authentication) accounts required to be authenticated every time or is this a one-time setup?
Depending on your bank, you must re-authenticate every time you want to get the latest transaction from your bank. If this is not feasible for you, we recommend connecting to your MFA bank accounts using the Auto Bank Statement Import (ABSI) and Bank Statement Parsers SuiteApp instead.
Q11 - What if I have a token key device to access my online banking?
This will require your administrator or any user with appropriate permission level to enter the MFA (Multi-Factor Authentication) code for the import to run successfully. If this is not feasible for you, we recommend connecting to your MFA bank accounts using the Auto Bank Statement Import (ABSI) SuiteApp instead.
Q12 - Is there an ability to connect to a demo bank server or run the Bank Feeds SuiteApp in test mode?
No. Demo bank accounts are not available.
Q13 - The setup will download the last 60 days of your bank data into NetSuite. What happens if the same transactions were already imported into NetSuite through manual import?
You will be able to exclude imported transactions that are not detected by the system as duplicates.
Q14 - Can I get real-time feeds from my financial institution?
An automated daily import schedule is performed by the system to ensure you have an updated account balance in NetSuite. The SuiteApp also allows manual requests to retrieve and import bank data into NetSuite for on-demand bank transaction data.
Q15 - Can the import schedule be customised to multiple times a day?
The automated daily import schedule is not customisable.
Q16 - When do I use the Bank Feeds SuiteApp?
The Bank Feeds SuiteApp takes bank connectivity a step further by allowing automatic daily imports of the most up to date bank data. Additionally, the SuiteApp lets you connect multiple bank accounts from different financial institutions.
Q17 - What will happen if a credit card GL account in NetSuite and a connected bank account have different currencies?
The NetSuite GL currency must be the same as the bank account currency. Otherwise, the import of bank data will fail.
Q18 - Is the Bank Feeds Parser customisable?
No, only the standard Bank Feeds Parser is compatible with the SuiteApp.
Q19 - Will I be able to send an electronic payment file to my bank or financial institution?
Transfer of payment files electronically through SFTP (Secure File Transfer Protocol) connection is delivered by the SFTP Connector SuiteApp.
Q20 - Does it need a dedicated user for the upload?
A user with an Administrator role or any custom role with required Bank Feeds SuiteApp permission can set up bank feeds in NetSuite. The automatic importing of bank data does not require a dedicated user as it occurs automatically after configuring your financial institution connection in NetSuite.
Q21 - My financial institution data successfully imported to NetSuite, but why am I unable to see it on the Match Bank Data page?
Make sure that the Use Match Bank Data and Reconcile Account Statement Pages box is checked for each individual bank or credit card account that will be imported using Bank Feeds.
Q22 - What happens if an existing import bank transactions feature is already available in my NetSuite account?
This is an alternative way to import bank data into NetSuite. The SuiteApp removes the manual process of uploading the bank data into NetSuite as everything is done automatically.
Q23 - Will my imported bank data automatically create transactions in NetSuite?
As of NetSuite 2020.2, this is now possible using auto create rules.
Q24 - Is it possible to run the matching process on my existing transactions but not trigger a new import?
As of NetSuite 2020.2, you can manually run reconciliation rules from the Match Bank Data page.
Q25 - Can I test or set up the Bank Feeds SuiteApp in a non-production account? Example, a Sandbox or a Release Preview account?
Connecting a new account or removing an existing account on your connectivity configuration will override the existing Bank Feeds configuration in your production account. Any bank feeds configuration changes made in your non-Production environment applies to your Production environment.