Import online banking statement

- SuiteAnswers > 7561

To use online banking you must first download banking data from your financial institution or credit card company and then import the data into your NetSuite account.

You can import bank statements in the following formats:

1) OFX (Open Financial Exchange) is a file format sponsored by Intuit, Microsoft, and Checkfree. It is commonly used with Microsoft Money.

2) QFX (Quicken Financial Exchange) is a file format developed by Intuit and is used with their Quicken software. It is a variant of the OFX file format.

3) QIF (Quicken Interchange Format) is a file format developed, but no longer supported, by Intuit. Some banks still use this format.

NOTE > If your financial institution provides banking data in another format, such as MT940 or CSV, use a third-party conversion tool to convert the data file to the OFX format and then import.

The online file you download for an account is not an actual bank statement that includes balances. The file contains the list of transactions that cleared the bank for a range of dates.

Using Auto Match for Online Bank Statements

- SuiteAnswers > 7565

When you import an online bank statement into your account, NetSuite automatically runs the Auto Match program to match bank transactions with existing transactions in your ledgers. You can also run the Auto Match program at any time.

Auto Match identifies a match for a bank transaction if an existing transaction meets all of the following basic criteria:

1) has a date that is the same or earlier

2) has a matching dollar amount

3) has a matching bank account number

If a transaction meets the basic criteria, then Auto Match checks for the following:

1) has a matching document number

2) is not marked as cleared in the register

3) is marked as cleared and the transaction is within the last 30 days

NOTE > Transactions matched to an online bank statement are marked as cleared in the register, but you must still reconcile transactions on the Reconcile Banking Statement or Reconcile Credit Card Statement pages.

NetSuite does not automatically match transactions entered after importing a statement. Use Auto Match to match transactions entered after the last statement import.

To perform an Auto Match:

1) Go to Transactions > Bank > Online Banking Statement ( Administrator ).

2) On the Online Banking Statement page, verify that the account showing in the Account field is the one for which you want to perform a match.

3) Click Auto Match.

NOTE > To unmatch automatically matched transactions, go to the transaction in the register, clear the CLR box, and then click Submit at the bottom of the page. Return to the Online Banking Statement page to manually match the transaction to the correct item.

Resolving Unmatched Bank Transactions

SuiteAnswers ID > 30610

In some cases, transactions exist in your ledgers but Auto Match cannot successfully match them to the online bank statement information. This can occur if the item is already marked as cleared in the register or if the bank item is a total of several transactions in NetSuite. You can manually match these items on the Find Matching Transactions page.

1) Manually match transactions

2) Enter new transactions to match the bank transactions

NOTE > NetSuite processes new charges as checks and new deposits as deposit records

Related Topics:

1) Online Banking – SuiteAnswers ID > 7563

2) Deleting Online Bank Statements – SuiteAnswers ID > 31838

3) Importing a Quicken QIF File – SuiteAnswers ID > 10033

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