NetSuite's Electronic Bank Statement Bundle is an application from Consitek Group that automates the massive import of bank statements into NetSuite.
A solution that, especially for the company that manage multi-subsidiaries, offers the advantage of managing different types of statements, simplifying and automating the reconciliation process.
This also avoids the use of transitional accounts in NetSuite, minimising the risk of error and avoiding time-consuming account reconciliation. Once account statements have been imported into NetSuite, it is possible, with the Electronic Account Statement package, to automatically configure all account statement lines with all information in NetSuite.
With the import of bank statements (CBI - MT940, etc) we are able to automatically create the transactions in NetSuite (85%), while if they are already present in the system, the application allows me to reconcile them automatically.
Let us now see how the application works.
The Electronic Bank Statement Integration of NetSuite is structured on three fundamental modules:
1. SETUP BANK STATEMENT IMPORT RULES
2. IMPORT BANK STATEMENT FILES
3. BANK STATEMENT RECONCILIATIONS
With the Setup Bank Statement import rules, we are able to import and configure the bank statement in NetSuite.
With the Import Bank Statement Files module we can configure the import rules and the way they work in NetSuite through automatic matching and manual matching of files.
Finally, with the last module, the Bank Statement Reconciliations, we are able to reconcile the file imported into NetSuite with the actual bank accounts.
Since it is a package provided by Consitek, further modifications can be made according to the customer's business needs. To learn more, watch the free Webinar "NetSuite Bank Statement Integration".
