How to Import Bank Transactions into NetSuite
Importing bank transactions into NetSuite can be a huge time-saver for businesses by eliminating the need to manually enter each transaction. By automating this process, the accounting team gains back significant time that can be better spent on analysis, reporting, and other high-value tasks.
This article provides a step-by-step guide on how to enable and configure bank transaction imports in NetSuite. We'll cover the full process including:
- Enabling the bank import feature
- Setting up the import format
- Mapping bank transactions to NetSuite accounts
- Scheduling regular automated imports
- Best practices for managing imported transactions
By the end, you'll understand exactly how to leverage NetSuite's transaction import to gain efficiency and free up your team's time. The ability to automatically import bank transactions is a valuable yet underutilized feature that can make a big difference in streamlining workflows.
Before importing bank transactions into NetSuite, there are a few requirements that need to be in place:
Have a Chart of Accounts set up in NetSuite - The Chart of Accounts provides the list of accounts that transactions can be mapped to during import. Make sure your CoA is configured with all the necessary accounts you expect to import transactions for.
Be logged into NetSuite with appropriate permissions - To import bank transactions, you need a NetSuite user account with permissions to access banking and transactions. Typically an Administrator or Accountant role works best.
Have the bank statement available to import - You'll need the digital file from your bank containing the statement transactions ready to import. Most banks provide download options for CSV, OFX, or QBO files which NetSuite can import.
By ensuring those prerequisites are met prior to starting, the bank transaction import process will go much smoother. Having the necessary accounts, permissions, and bank statement file eliminates headaches down the line.
Enable Bank Transaction Import in NetSuite
To import bank transactions into NetSuite, you first need to enable the bank transaction import feature. This setting allows NetSuite to connect to your bank accounts and download transaction data.
The bank transaction import setting is located in the Accounting preferences section of NetSuite. Specifically, go to Setup > Accounting > Accounting Preferences. Under the Banking subsection, check the box next to "Enable Bank Connectivity".
Enabling this feature allows NetSuite to securely connect with your bank accounts using either direct bank feeds or uploaded import files. When enabled, NetSuite will display bank transaction import options in relevant areas of the software.
It's important to understand that enabling bank transaction import gives NetSuite access to your sensitive financial data. Be sure to only connect accounts you want to import into NetSuite. Additionally, if you use direct bank feeds, transactions will automatically flow into NetSuite daily. So you need to regularly review imported transactions and match them to customers, vendors, etc.
Overall, bank connectivity is a powerful NetSuite feature. But make sure to enable it thoughtfully, connect the right accounts, and review imported transactions to get the most value. With proper setup, it can save hours of manual data entry and keep your financial records synchronized.
Import File Format
NetSuite supports importing bank transactions from CSV or OFX files.
Accepted File Formats
The supported file formats for importing bank transactions into NetSuite are:
- CSV (Comma Separated Values)
- OFX (Open Financial Exchange)
CSV files are simple plain text files where data fields are separated by commas. They can be edited in any spreadsheet software like Excel.
OFX is a standard financial data format used by banks and financial software. OFX files need to be exported directly from your bank.
CSV is the recommended file format for importing bank transactions into NetSuite. Here are some benefits of using CSV:
- Easy to edit and modify in any spreadsheet software
- Flexible formatting for customization
- Lightweight file size compared to OFX
- Widely supported by banks and financial institutions
CSV provides the most control and flexibility when importing transactions.
Downloading in Right Format
When exporting your bank transactions, make sure to select CSV as the format. Most banks allow choosing CSV during download. If not, LedgerBox bank statement converter has you covered.
If CSV is not available, OFX can also be used. However, OFX files need to be exported directly from your bank website and cannot be edited easily.
To recap, aim to download bank transactions in CSV format for the smoothest importing experience into NetSuite.
Once you have an import file formatted correctly, you can upload and map the transactions into NetSuite. Here are the steps:
Go to Accounting > Banking > Import Bank Transactions.
Click Import File and select your import file. Acceptable formats are CSV, OFX, QBO, QFX, and Excel.
On the next screen, map the file headers to the appropriate NetSuite transaction fields. Important mappings:
- Date = Posting Date
- Payee = Customer/Vendor
- Description = Memo
- Amount = Amount
By default, new transactions will be imported as Journal Entries. You can choose a different transaction type as needed.
Optional: Enable Auto-Map All to automatically map headers to fields. You can still override individual mappings.
Optional: Enable Validate Records to check for errors before importing.
Click Import to upload the transactions into NetSuite.
The Import Results page will display any errors, as well as totals for new and updated records.
Newly imported transactions will now appear in your account registers ready for review and posting.
You can save the field mappings as an Import Template to reuse for subsequent imports.
Following these steps allows you to quickly import large volumes of bank transactions into NetSuite with just a few clicks. Checking mappings and validating records helps catch any formatting issues before importing. This saves the trouble of correcting transactions after the fact.
When importing bank transactions into NetSuite, you need to map the imported bank transaction fields to the appropriate NetSuite transaction fields. NetSuite provides default field mappings, but you may need to customize the mappings for your specific transaction formats.
Default Mapping vs Custom Mapping
By default, NetSuite will attempt to map imported bank transaction fields to the corresponding standard NetSuite transaction fields based on field names and data types. For example, it will map a "Date" field from the import to the Posting Date field in NetSuite.
However, if your imported bank transactions use non-standard field names or formats, you will need to configure custom mappings to ensure transactions import properly. For example, the bank data may have a "TranDate" field you need to map to Posting Date.
When to Use Custom Mapping
Custom mapping is required when:
- Imported field names don't match NetSuite's expected standard names
- The import file contains fields NetSuite doesn't natively recognize
- You want to map a single import field to multiple NetSuite fields
- You need to split a value from a single import field into multiple NetSuite fields
- You want to modify or transform imported data before mapping it
How to Customize Mapping
To configure custom mappings:
Navigate to Setup > Import/Export > Bank Transaction Imports
Select the import format and click Edit Mapping
For each field from the import file, select the target NetSuite field to map to
Use expressions and formulas to transform or split import data if needed
Save the custom mappings
Review import previews to validate transactions are mapped as expected
Custom transaction mapping allows you to flexibly adapt bank imports to your unique transaction formats and business logic requirements. Take time to thoroughly test and validate your custom mappings before relying on them for live transaction imports.
Troubleshooting Bank Transaction Imports
Importing bank transactions into NetSuite can sometimes run into issues. Here are some common problems and solutions:
Common Errors and Fixes
Invalid file format - Double check that your import file is in the correct format expected by NetSuite. The file should be a .csv or Excel format.
Missing required fields - NetSuite expects certain columns like Date, Description, Amount, Account in the import file. If any of these are missing, the import will fail. Add the missing columns to your source data.
Duplicates - If you are getting duplicate transaction errors, check for duplicate rows in your source data. You may need to remove or fix the duplicates before importing.
Data type mismatches - Make sure text vs numeric fields match between your import file and NetSuite. A mismatch like text in a numeric amount column will cause failures.
Exceeding max rows - NetSuite has limits on the number of rows you can import at once. If hitting this limit, break up the import into smaller files.
Unexpected Results and Solutions
Wrong accounts mapped - Transactions showing under the wrong account is likely due to incorrect or missing account number mapping. Double check your account mappings.
Wrong amounts - If amounts are incorrect after import, check that the amount column and formatting (numeric vs text) matches the source data. Also check for data corruption issues.
Missing transactions - If some transactions did not get imported, check for bad rows due to invalid data. Try importing in smaller batches to isolate the problem rows.
Unmapped transactions - Any unmapped transactions mean your import mapping is incomplete. Add the missing object mappings based on your transaction types.
Improperly Mapped Transactions
Carefully check the object mapping for each transaction type to ensure accurate account, customer/vendor, department, class, and location mappings.
Map fields in the proper sequence matching your import file columns to avoid mismatches.
When transactions map improperly, examine those transaction rows closely to identify mapping gaps and fix the mappings.
Deleting and re-creating the import mapping can help reset any corrupted mappings. Test with a small sample import after fixing the mapping.
For tricky mappings, import into an unused section of the account chart to avoid messing up live data. Once the mapping is sound, point to proper accounts.
Automatic imports can save you time and reduce manual data entry. You can set up bank import to run on a scheduled basis, such as daily, weekly or monthly.
To enable automatic imports in NetSuite, navigate to Lists > Accounting > Bank Import & File Formats. Click on the name of your import format, then enable Schedule Import and configure the frequency.
Some key benefits of scheduled automated imports include:
- Reduced manual data entry and risk of typos
- Transactions are entered in real-time as they occur
- Reporting is more accurate with up-to-date data
- Streamlined reconciliation since entries match bank statements
The import can be customized in a few ways for automation:
- Set notifications to be alerted of any import errors
- Restrict transactions by date range to only import new activity
- Assign default classes and locations to automatically categorize transactions
- Run validations to match to customers, vendors, employees etc.
Overall, automating bank imports can save significant time and effort while also improving data accuracy. It's a best practice to enable scheduled imports so accounting data stays current. Monitor the logs for any issues, and customize the mappings to reduce unmatched transactions over time.
Importing bank transactions into NetSuite can go smoothly if you follow some key best practices:
Test with a small sample first - When setting up a new bank import, start with a small test file of a few transactions to check that everything is mapped correctly before importing a large batch. This saves time troubleshooting.
Use consistent transaction codes - Encourage consistency in how transactions are coded in the bank feed. For example, always code purchases from the same supplier the same way. This avoids mapping issues down the line.
Clean up data before importing - Do some data cleanup in Excel before importing transactions. Examples include removing unnecessary columns, deleting blank rows, and standardizing descriptions. This improves auto-matching rates.
Validate all new mappings - When establishing new transaction mappings in NetSuite, thoroughly validate that they are working correctly by checking imported transactions. Fix any errors before running full imports.
Import frequently - Import transactions at least weekly, if not daily. Frequent imports prevent data backlogs and ensure transactions are captured quickly.
Review exceptions - Carefully review transactions flagged as exceptions in NetSuite that could not map automatically. Manually match or add mappings for these transactions to improve future auto matches.
Communicate with stakeholders - Keep accounting and other stakeholders aware of the bank import process, lead times, and any impact on financial workflows. Proactively flag issues that may impact financial reporting.
Following best practices like consistent coding, frequent imports, comprehensive validation, and proactive communication enables seamless bank transaction imports into NetSuite with minimal errors. This saves significant time on reconciliation and ensures accurate financial data.
Importing bank transactions into NetSuite can save time and improve financial data accuracy. By following the process outlined in this article, users can set up and enable bank transaction imports in just a few steps. The key benefits include:
Automated capture of transaction data from banks into NetSuite. This eliminates manual entry and reduces errors.
Seamless categorization and reconciliation of imported bank transactions. The proper accounts, customers, vendors, etc. are automatically assigned.
Time savings through streamlined processes. Importing cuts down on manual tasks so accounting teams can focus on value-added work.
Enhanced reporting with timely, up-to-date financial data. With automated imports, reports in NetSuite always reflect the latest transactions.
To recap, enabling bank transaction imports involves checking prerequisites, formatting import files, mapping accounts, and setting up scheduled imports. Users should test and validate the results to ensure smooth ongoing automated imports. For help formatting files or troubleshooting issues, NetSuite's Import Assistant and community forums provide useful resources.
By integrating bank transaction data into NetSuite, finance teams can reduce manual work and optimize financial processes. Automated imports save time while improving accuracy - yielding better data for reporting and decisions.