This article is relevant if you are using NetSuite’s basic Bank Feeds SuiteApp designed to help you connect and receive financial institution transaction downloads.
Background
NetSuite’s longstanding Electronic Bank Payments module was architected for entities that could rationalize the setup investment by anticipating significant returns. To remain a strong contender in the small and mid-size market, NetSuite launched the Bank Feeds SuiteApp, facilitated through an alliance with Yodlee. This third-party conduit acts as a secure financial transaction hub, thereby diminishing the barrier to entry for banking integration.
In our capacity as a boutique NetSuite Systems Integrator, Prolecto Resources operates under the same small business framework. We employ NetSuite’s Bank Feeds application for daily synchronization of our banking reconciliations. This allows us to act not just as a NetSuite service provider but as active users encountering the same financial scenarios as our client base.
When dealing with the Bank Feeds application, setting proper expectations is appropriate.
Navigating the Paradigm Shift: Leading vs Following Architectures in NetSuite Bank Feeds
Engaging new small-business clients in the NetSuite environment often necessitates a recalibration of expectations, especially when it comes to bookkeeping practices. Many are acclimated to tools like QuickBooks, where banking transactions are ingested automatically into the financial software. I term this a “following” model: the bank initiates the transaction, and the accounting software reacts.
In contrast, NetSuite was conceived for organizations with a more sophisticated and mature operational capacity. In this framework, the business adopts a proactive, rather than reactive, stance. In NetSuite, the enterprise leads and expects other systems to follow suit. Consequently, integrated bank feeds in NetSuite are used primarily to align transactions for reconciliation, not to introduce new transactions into the ERP landscape.
This architectural difference can be a source of friction for those with a small-business mentality. I understand. Our firm is frequently engaged to help organizations build and hold more mature proactive-based best practices.
Navigating the Maintenance Maze: Realities and Remedies in NetSuite’s Bank Feeds Application
In our setup, we interface with two leading US-based banks. For those individuals with experience, you know that the Bank Feeds application demands regular maintenance; ideally we would simply “set it and forget it”. Approximately every two to three months, an alert in our morning email indicates a hiccup with our daily bank feed, necessitating an investigatory process to rectify the issue.
I’ve assembled screen captures outlining the basics of the Bank Feeds application. In my mind, the application’s user interface and presentation leaves room for refinement. While I have completed this maintenance operation many times, each interaction feels akin to navigating through uncharted terrain.
For NetSuite Administrators seeking deeper insights or tackling advanced challenges, consider my more comprehensive articles:
- 2022: Sort Out NetSuite’s Banking Import Options Including a How To for Custom Plug-In Approaches
- 2023: Learn How to Craft a NetSuite Financial Institution Parser for Bank Import Automation
Visual Guide to Navigating NetSuite Bank Feeds: Cutting Through Configuration Complexities
I will not rewrite NetSuite’s Bank Feeds documentation, operating under the assumption that one should initially consult built-in resources like Help or SuiteAnswers for effective NetSuite utilization. In my assessment, NetSuite’s documentation is robust, yet it does require a time investment for comprehension.
That said, the utility of visual aids can help, particularly when navigating unfamiliar interfaces. This article serves that function. Presented here are sequential screen captures aimed at guiding basic configuration adjustments. In our specific circumstance, it appeared we needed to refresh Yodlee’s authentication protocols to re-establish our bank connection, although the error messages were less than illuminating. In any case, you too will navigate and work through your specific challenges — likely working to simply re-establish connection.
Click on related images to see full screen.
- Navigate to Banking Import Menu to review issues
- Review issues to make assessments about the concern
- Use Global Search to get to navigation page: use “page: financial” and select list
- Navigate to the Bank Feeds Setup link
- Review issues by checking the Account Linking tab
- Click Edit on Financial Institution Profile page
- Rebuild the bank connection with the associated page popups
- Save the Financial Institution Profile to trigger the bank import routine
- Review the Banking Import History to confirm stability
Get Access to NetSuite Bank Import Detail Page:
Note, NetSuite Administrators and accountants likely would be interested in my 2022 article, Gain Access to NetSuite’s Bank Import History Detail Page, to help you see more information about banking import specifics.
Work with NetSuite Leadership
The aim of this article is to extend a helping hand to our collective NetSuite community. Just as you do, our firm also relies on NetSuite for end-to-end business operations. In doing so, as users, we enhance our competency and credibility in the process.
If you found this article relevant, feel free to sign up for notifications to new articles as I post them. If you would like to work with professionals that are “in this together”, let’s have a conversation.
Marty Zigman
Holding all three official certifications, Marty is regarded as the top NetSuite expert and leads a team of senior professionals at Prolecto Resources, Inc. He is a former Deloitte & Touche CPA and has held CTO roles. For over 30 years, Marty has produced leadership in ERP, CRM and eCommerce business systems. Contact Marty to set up a conversation.
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