Importing Online Banking Data
First let us review how to import the online banking data that will be used to match against already existing transactions in NetSuite. To access the import online banking function, navigate to Transactions>>Bank>>Import Online Banking Data in the navigation menu.
Next the user will be navigated to the following screen where the following is selected:
• File to import.
• Related bank or credit card account.
• Character encoding.
• Date format.
To generate the file to be uploaded with the import online banking data function – visit your bank website and download a transactions history file (bank statement) in OFX, QFX, QIF format as this is available with most banks. If these file options are not available, download a CSV version and convert the file with a CSV converter. To upload the banking file, click on the “Choose File” button above and locate the file on your computer. Confirm the account in the account field that we will be matching to. Click the submit button and NetSuite will begin the process of matching that file to existing transactions. To reiterate, no transactions are being generated with this function. We are matching existing transactions in NetSuite to the transactions listed in the bank import file.
With the 2017.1 release, there is an update to the transaction matching functionality and transactions will now be matched in the following order:
1) Matched on document number
2) Matched on numeric value of check number
3) Matched on date and amount
Next, we will cover how to review the results of the NetSuite matching using the Online Banking Statement page.
Online Banking Statement
The online banking statement page has the following information prepopulated from the import previously performed. To display this prepopulated information, first select the bank account in the upper left hand corner of the page and define the date starting and ending range. With this the opening balance, ending balance, deposits & credits, and the checks & payment amounts will be populated from the import in the upper right hand corner.
The above image displays the following information:
• Matched Transaction – Displays the transaction in NetSuite that was matched to the banking import data. The user can click on the transaction being link and will be navigated to the transaction in view mode.
• Type – Type of transaction being matched.
• Check Number – Displays the check number of the transaction
• Date – Displays the date of the transaction per the import online banking file.
• Payee – The payee name of the transaction per the import online banking file.
If no matched transaction is located in this process, the user will perform the following:
1) Click the “Find Deposit” or “Find Charge” link under the type column (image below). This will allow the user to look at unmatched transactions and attempt to manually match by clicking the check box on the related row.
Online banking statement screen:
Matching Screen – select the row to match:
If no match is located after this process, the user can manually create and add the new charge by clicking the new deposit or charge tab on the matching screen.
In the assessment of locating the unmatched transactions, it is important to be sure the transaction in NetSuite is not linked to the wrong bank account, which will inhibit the auto match functionality.
Once the transactions are matched, those transactions will then appear as cleared transactions in the bank or credit card reconciliation – therefore increasing the overall speed of the bank reconciliation process.