Bank Account Configuration

Bank GL accounts must be setup before importing bank statements. (Also if bank statements are entered manually these bank accounts must be setup)

For each of the Bank Statements you wish to use with this SuiteApp, one Bank Statement Configuration record must be created.

When you are able to download a file that contains transactions for multiple NetSuite GL accounts, you can setup a Multiple Statement Configuration record.

Setup a Bank Statement Configuration record

A Bank Statement Configuration must be created for each of the Bank accounts (NetSuite GL Accounts).

CSV Configuration: This records tells Fast Four Bank Reconciliation how to interpret the csv file that you will import. Also some bank account-specific preferences can be set here.

1. Go to Setup > Bank Statement Setup > Bank Account Configuration > New

2. Bank account: Select the GL Account that you want to setup

3. Bank: Select the Bank file format, see if your bank is in the list.

   1. If yes, select it. (Once the bank is selected, most necessary field defaults will be populated. Some need to be done manually)

   2. if no, refer to the detailed table below.

4. If Payment Method is a mandatory field on the Customer Payments, select which payment method you wish to use for customer payments that are created through Easy Bank statements

5. Statements Folder ID: enter the folder internal ID that was noted in step "create a folder"

Import and Statement Preferences:

1. Default Tax Code: This is used when you are processing payments that do not have a bill or invoice. For example, payments that were done by debit card. Then the tax is automatically calculated, unless you change the tax code on the line. If you do not wish to have tax calculated, select an Exempt tax code (usually E-XX, for example E-NL). For non-VAT nexuses, choose -Not Taxable
2. Foreign currency tolerance %: We recommend to set to 0.02 (2%) or smaller

   1. if the difference <set%  - Standard NetSuite functionality will be used to auto Write off currency difference to realised gain & loss account

   2. if the difference >set% - select custom payment difference reason

3. Payment in Transit Account: NetSuite native feature is now available, or configure GL accounts of type Bank that you require to reconcile for this bank account ie: Undeposited cash account
4. Disable reconciliation warnings: will disable the yellow WARNING boxes after saving a bank statement.
5. Japan tax rounding preference: Only required if you have a subsidiary in Japan

Matching Preferences:

1. Disable automatic matching: 'Check' this box if automatic invoice/bill matching should not take place. This functionality is for high volume customers, matching could then be scheduled in the background after importing the statement.
2. Lets define OPEN and CLOSED transactions for matching:
   1. Open: Customer invoice or Vendor bill not yet paid
   2. Closed: Customer or Vendor payments
3. Match on Document number / parameter: Exact one to one matching if this value is specified in the Fast Four description column on the transaction line.
4. Match on exact match of amount within a date range: It ignored the description column and looks only at the amount on the bank statement and the date range set in general preferences. If your date range is very large, this could potentially results in false matches, please review proposed results.
5. Match on Entity name: This option is only applicable if you have specified a counter-party column on your bank configuration.
   1. The first time you configure a vendor or customer for a specific counter-party value, we will store that value on the entity record field "Name as on bank statement"
   2. For the next bank statement we will be able to automatically populate the vendor / customer column and find the related open or closed transaction for processing.

Payment Difference Reason Automation:

The automation setup is available in two directions, overpayments and underpayments. 

1. Go to Setup > Bank Reconciliation Setup > Setup payment difference reasons first.
2. Set your Payment diff threshold: based on a percentage or a fixed amount (absolute value).
3. Select a payment difference reason for OVER or UNDER payments: if the potentially matched transaction differs within the set threshold, it will be matched, mark as paid and the difference will be captured in a newly created Journal Entry posted against the GL account set on the Payment Difference Reason’s record.

Auto application takes place on statement import or through Single value matching. Changing an automatically applied payment difference reason is possible through the popup of the statement itself.

Each Bank Account configuration can hold a different setup. The automation is supported for Open and Closed transactions.

Processing Preferences:

1. Payment Method: will set the payment method on the resulting bank transaction.

2. Create Journal instead of Customer Deposit: Check if a customer deposit should be created as journal instead of a customer deposit.

3. Create Customer Payment instead of Customer Deposit: Determine your preferred transaction type to be created.

4. Create Vendor Pre-Payment as Journal: When applying a vendor without a GL account on the line.

5. Create Journal instead of check: When applying a vendor and GL account on the line. 

6. Based on above checkboxes, the fields Vendor Prepayment Holding Account, Default Payables Account, Default Receivables Account and Exempt Tax Code may become mandatory. Be sure to select values for the mandatory fields.

7. Defaults:

1. You may choose to select a default Department, Class and Location for this bank account.

2. The value selected here will appear on all payment transactions created by the tool.

8. Process empty CSV files: Applicable to CSV statement formats only. If enabled, automatic generation of Bank Statements for empty files retrieved via the scheduled data retrieval tool will be allowed.
9. Use booking/entry date instead of value date (CAMT/CODA files): Applicable to CAMT/CODA statement formats only. By default, the Bank Reconciliation SuiteApp will use the value date as the transaction date. If you would like to use the booking/entry date instead then check this checkbox. The transaction date will then be equal to the submission date to the bank instead of the actual processing date.
10. Coda import preference: Applicable to CODA statement formats only. Define the data imported within a statement. There are three available options: Mainlines and the sublines, Mainlines or Sublines only.
11. Counterparty mandatory (MT940): Applicable to MT940 statement formats only. This checkbox indicates if the Counterparty on the MT940 is mandatory or not. Transactions that do not contain the 86 tag will not be processed if this box is enabled.
12. Import batch details: Applicable to CAMT.054 statement formats only. When this checkbox is enabled, the D-level of CAMT.054 statement will be imported as individual transaction lines. When disabled, the D-level of the CAMT.054 statement will be imported as one BATCH transaction line.
13. When matching a closed transaction: Applicable to all statement formats. For more info, please refer to this link Only link the transaction or adjust the transaction data?
14. Disable opening popup: If enabled then when selecting an entity Name on the statement's column, the pop up will not be triggered.
15. Create Direct Debits when auto-matching on customer payment: When auto-matching on a customer payment, a direct debit reversal will be created.
16. Process bank statement scheduled: When this checkbox is enabled the system will always process bank statements in a scheduled context. This setting is recommended if user events are deployed on the transactions the bank reconciliation SuiteApp creates.
17. Use bank account from initiator as parsing identifier: Applicable to PAIN002 file formats only. When this option is enabled the Bank Reconciliation SuiteApp will use the Initiator's IBAN for parsing identifier.
18. Overrule Journal Approval: Please check this option if you have any journal approval workflows in NetSuite.

Setup Additional Parameters & Fields:

Bank Statement Matching Parameter

Use this feature only if you have specific requirements for which fields should be used for matching, such as matching based on payment reference number, PO number or multiple matching fields.

1. In the sublist for Custom Matching Parameters you can list the NetSuite fields that contain values for matching. The match value in the bank file should be in one of the three Description columns.
2. In Transaction Field, select the field in which the value should appear
3. In Transaction Field ID the Script ID will appear automatically after selecting a field. You may also simply type in the script ID of the field from the Record Browser instead of selecting a field.
4. If you use this feature, only the fields in this list will be used for matching. If matching on Document Number is required, add 'tranid' to the list of fields.

Bank Statement Additional Fields:

To use this feature, first enable it under Setup > Company > General Preferences > Custom Preferences > Fast Four Bank Reconciliation > Use Additional Fields. Additional fields may be useful when there is additional information in the csv bank statement that you wish to record on the payment transactions. You may enter as many as you want. This only works for fields of type Transaction Body Fields.

1. In CSV Column, enter the column that holds the value that you want to place on the payment transaction (please note the most left column of a csv is column 0
2. In NetSuite Field, select the field in which the value should appear
3. In the NetSuite Field ID field the Script ID will appear automatically after selecting a field. You may also simply type in the script ID of the field from the Record Browser instead of selecting a field.
4. Leave Apply to empty if you want the value to appear on all transactions. Select a transaction to only make it appear on one transaction. Should the value appear on more then one, but not all records, then add new lines for each transaction.
5. Feel free to contact support@fastfour.com for questions about this functionality.

Click Save. Congratulations, you are ready to import bank statements!