Table of Contents
- 1 Bank Feed
- 2 NetSuite Bank Integration
- 2.1 Needless to say, inoday, an official, #1 ORACLE NetSuite Channel Partner, has delivered integration with Major Banks like ICICI Bank, Yes Bank , Kotak Bank and HDFC Bank using Custom Codes for AR & AP Processes Both as follows.
- 2.2 Important Notes
- 2.3 NetSuite Bank Integration for Accounts Payable
- 2.4 Process Flow of Accounts Payable Bank Integration
- 2.5 Auto Bank Reconciliation
- 2.6 Without Bank integration:
- 2.7 Bank Reconciliation with Standard Approach
Summary- This write up throws light on NetSuite bank integration and reconciliation by leveraging the core capabilities of NetSuite Financial Management and witnessing seamless automation of payments and receipts.
Bank Feed
Notably, NetSuite ERP Provides Bank feed process for seamless automation of payment and receipt for some banks for different countries, which can be integrated with NetSuite ERP or NetSuite Financial Management with Minimum effort.
In general, Bank Feed process is available for following countries.
| Australia | Malaysia |
| Canada | New Zealand |
| Countries in Europe (includes United Kingdom) | Philippines |
| Hong Kong | Singapore |
| Indonesia | Thailand |
| United States |
Supported Financial Institution Account Types
| U.S. and Canada | PSD2 Compliant Countries Within Europe | Non-PSD2 Compliant Countries Within Europe (Switzerland) | Other Countries (Australia, New Zealand, Hong Kong, Indonesia, Malaysia, Philippines, Singapore, and Thailand) |
| Checking | Payment Accounts (Credit Card, Debit Card, and Ewallet) | Payment Accounts (Credit Card, Debit Card, and Ewallet) | Payment Accounts (Credit Card, Debit Card, and Ewallet) |
| Savings | Bank Deposit Accounts (Savings and Checking) | Bank Deposit Accounts (Savings and Checking) | Bank Deposit Accounts (Savings and Checking) |
| Credit Card |
Important Notes
- Bill should be approved to process the payment.
- After getting the payment advice from bank, the actual transaction gets posted with all the detail
- No financial impact till the payment advice is received by the bank
Moreover, any additional requirements and/or customizations, not mentioned in the scope will constitute a ‘Change Request’ or may lead to revise this proposal.
NetSuite Bank Integration
In particular, For Indian Banks, NetSuite Financial Management facilitates integration with some custom Codes
Needless to say, inoday, an official, #1 ORACLE NetSuite Channel Partner, has delivered integration with Major Banks like ICICI Bank, Yes Bank , Kotak Bank and HDFC Bank using Custom Codes for AR & AP Processes Both as follows.
| Sr. No. | Accounts Payables | Accounts Receivables |
| 1 | Pre Payment | Credit Card Payments |
| 2 | Vendor Bill Payments | POS Payments |
| 3 | Journal | Recurring Receivables |
| 4 | Tax Payments | Customer Payments |
| 5 | Expenses Payments |
Important Notes
- Bill should be approved to process the payment.
- After getting the payment advice from bank, the actual transaction gets posted with all the detail
- No financial impact till the payment advice is received by the bank
Furthermore, any additional requirements and/or customizations, not mentioned in the scope will constitute a ‘Change Request’ or may lead to revise this proposal.
NetSuite Bank Integration for Accounts Payable
Businesses can make the most of NetSuite Bank Reconciliation capabilities to automate the vendor bill payment with Banks.
Following transactions are required to besynchronized from NetSuite:
- Vendor Bill Payment
- Pre-payments
- Journal
Process and Sample screens are included in the Document.
Important Notes:
- Bill should be approved to process the payment.
- No financial impact till the payment advice is received by the bank
- After getting the payment advice from bank, the actual transaction gets posted with all the detail
Here, any additional requirements and/or customizations, not mentioned in the scope will constitute a ‘Change Request’ or may lead to revise this proposal.
Process Flow of Accounts Payable Bank Integration
Maker Checker Process at Bank
Given these points, checker will approve the populated payment using internet Banking
Following transactions are required to be synchronized from NetSuite:
- Vendor Bill Payment
- Pre-payments
Note : A response will be shared by the bank after Maker checker process as following screen
Important Notes:
- Response received from the bank
- Now financial impact takes place as per the received response from the bank
- After getting the payment advice from bank, the actual transaction gets posted with all the detail
Auto Bank Reconciliation
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Bank Reconciliation Automation
inoday has developed a reconciliation process for Indian Banks for seamless operations.
This bundle helps us to reconcile the data in one go for the multiple banks.
- In the case of Bank Integration inoday will use UTR to reconcile the data.
Note* Custom Records Terms implies Bank Statement Uploaded in NetSuite by Customer
Process:
- If bank integration is already done, in this case we will consider the transactions already having UTR Number updated on the respective transactions.
- Bank Data will be uploaded through our custom screen that inoday will provide. (User can upload multiple Bank Data in one go along with UTR in one CSV.) as Custom Records
- Custom Record will be used to store the Bank data.
Now, uploaded data will be matched with the transaction in NetSuite based on UTR number.
In case a few transactions are still not matched. Or UTR not updated on transactions.
Those data will be considered as unreconciled.
- A report will be provided on those unreconciled transactions.
Bank Statement needs to be uploaded in NetSuite (Custom Records). A Unique Internal ID will be created by NetSuite.
For the most part, through CSV – User will find the NetSuite transactions and update the Custom Records Intrenal ID on these unreconciled transactions.
Then these transactions will be reconciled automatically at backend.
Without Bank integration:
For the Auto Reconciliation process users must use the inoday process for the Bank payments: –
- inoday will offer a user-friendly interface that allows users to conveniently review and select transactions that need to be paid.
In general, users will be able to check or mark the specific transactions that need to be paid through this interface.
- When the user selects transactions. A Unique Number will be generated for that, like batch payment. Let’s say a unique NetSuite UN Number. E.g. Batch Payment Number
- The NetSuite UN number will be automatically updated on the selected transactions.
- Parallelly a saved search will be generated based on selected transactions (As Above Mentioned). User needs to Download this report need to be sent to bank along with unique NetSuite UN Number
Note* this report must be sent to the SFTP Sever for payments along with NetSuite UN Number only
- In the bank response, the bank will send the UTR against NetSuite UN Number.
- Customer will upload the Bank data through csv along with UTR and NetSuite UN Number.
- Reconciliation process will be run automatically bases on NetSuite UN Number
Other Case: – If the Bank statement has transactions. However, in NetSuite ERP these entries have not been created yet. Bank Statement needs to be uploaded to NetSuite first.
This uploaded Bank data will be stored in custom records along with a unique internal/Custom ID.
For the reconciliation process, users must add the above unique Custom Internal ID on the respective transactions in NetSuite.
Now we have Bank Statement Data in Custom Records and we have also created entries in NetSuite.
Now on the base of have common unique id (custom Records internal Id) on both the records (NetSuite and Custom Records (Bank Statement)
Then based on unique custom records ID data will be reconciled.
Note* In case of unreconciled data users must add the unique custom record id to their respective transaction in NetSuite.
Bank Reconciliation with Standard Approach
Undeniably, inoday helps customer to get the data from SFTP to NetSuite at “Match Bank Data” Page through Connectivity Plugin-in.
If there is already bank integration, then the UTR Number will be updated on NetSuite transactions. Hence, we can create the Reconciliation Rules. And with the help of reconciliation rules data will be matched/Cleared.
In there is no bank integration User need to manual match the transaction using match bank data and reconciled accordingly.
For more details, write to us at info@inoday.com Or Schedule A Demo
