Automatic Bank Feed Connection -Australia - Skript
Overview
For our clients located in Australia, Netgain partners with Skript (an accredited organization) to connect to bank accounts and ensure seamless integration to NetSuite.
Note, this article is specific for Australia clients. All other countries in APAC, including New Zealand, will be addressed on a case by case basis.
Step By Step Process:
Skript Connection
- The first step in this process is to gather the required information. To connect with Skript, Netgain requires:
- Access to your NetSuite environment
- ABN (Australian Business Number)
- Company full legal name
- Authorized contact's name, email, and phone number
- This is the person who will be contacting for anything regarding the open banking authentication
- Once this information is gathered it is submitted to Skript
- Skript then provides Netgain with the following:
- Client ID
- Client Secret
- Scope
- Base URL
- Auth URL
- Consumer ID
- This information is then entered in the System Setup (NetCash > Setup > System Setup)
- Once the information is entered, select Save
- Credentials saved in the setup, other than Client ID and Client Secret, will become encrypted for privacy upon saving
Bank Connection through Skript
- Once the Skript information has been entered, navigate to NetClose > Setup > Bank Connect
- Select the carrot next to New Bank Connection and select Skript
- Once you reach the welcome page, select Continue
- Next select the financial institution that you want to connect to and select Continue
- Confirm that you're connecting your accounts for business use by selecting Continue
- Select what your account is registered against and select Continue
- The next screen will direct to check the requirements for the selected bank, if applicable, complete this step
- Some banks will require electronic or paper consent forms to be submitted to the bank prior to connection
- Otherwise, select Continue to next step
- Select to share your organisation profile and contact details, account balance and details, and transaction details since the decided date and select Continue
- Select Approve to authorize Skript to collect your data
- Select Approve and go to bank to authorize Netgain to access your data
- You will then be directed to your bank to login where you will login and select the accounts to share
- Once you have input your bank data, you will be redirected to the success page and have the option to connect another bank or account
- Repeat the above steps for all required banks
- Once completed, the connected banks will appear on the Bank Connect page
Bank Institution Additional Setup (Optional)
Once the bank connection is made, the bank institution record will be automatically created.
- To see the bank institution record, click on the bank name from the Bank Connect page.
- There are two editable fields--the institution name and the error log recipients. To change these fields select Edit.
- Institution name is just the bank name, which was set through the bank connection, however it can be edited it needed.
- The error log recipients are the NetSuite users who will receive a notification (email) if there is any error with the bank connection (need to re-authenticate, or something caused the connection to fail). By default this will be set to the user who created the bank connection however, this can edited as needed.
Bank Account Additional Setup (Required)
Bank account records will be automatically created when the bank connection is made.
- Navigate to NetCash > Setup > Bank Accounts. This page will have a list of all bank accounts being used in NetCash. For all bank connections that are made through the API connection, NetCash will automatically create the corresponding bank account record and it will be listed on this page.
- Each bank account listed will require some additional setup. Select Edit next to the desired bank account.
- There are certain fields that cannot be edited. This information is pulled in directly through the bank connection. The fields boxed below are the ones that need to completed. Some are required and some are optional.
- See below for a description of the uneditable fields that are set by the script
| Field Name | Description |
|---|---|
| Short Name | The name of the bank account, as provided by the bank. Set on account creation. |
| Mask | A unique identifier for the account; typically the last 4 digits of your bank account number. Set on account creation. |
| Bank Institution | The bank institution that this account belongs to. Set on account creation. |
| Type | The type of account, as described by the bank institution. Set on account creation. |
| Sub Type | The sub-type of account (may be blank), as described by the bank institution. Set on account creation. |
| Current Balance | The balance of the account, pulled from the last API call to the bank (which happens in the morning; so it pulls the previous end-of-day balance). Set by script daily. |
| Currency | The currency of the account, as pulled from the bank the first time the transactions are requested. |
- On this record fill out the Required Editable Fields as listed below:
| Field Name | Description |
|---|---|
| Name | This is the account name that will be displayed on all other pages and fields when selecting an account. |
| Bank Institution | Select the bank institution that the bank account relates to. The bank institution needs to be manually created before the bank account record can be created. |
| Currency | This is where the 3-letter ISO currency code goes that is related to this bank account. Examples are USD for US Dollar, AUD for Australian Dollar, EUR for Euro, GBP for British Pounds, or JPY for Japanese Yen. This field will not be editable after saving. |
| GL Account | This is the GL account that corresponds to this bank account. This GL account can only be associated with a single bank account record. |
| Rounding GL Account | This is the account that will be used if a match is made between a bank transaction and a GL transaction when there is an amount difference. The difference will be booked to this rounding GL account. |
| Transaction Offset GL Account | This account is optional, but highly recommended. This is the account that will be applied by default to transactions created from the bank matching page. This can be overridden when creating the transaction. This is also the account that will be used if a Create Transaction automation rule is created. |
| Initial Balance | This is the balance of this bank account at the end of the day prior to the cutover date. This allows the system to start the bank reconciliation at any point in time, without having to consider past transactions. |
| Cutover Date | This is the date when the user will start using the bank reconciliation module. Bank transactions will not be pulled in prior to this date. The beginning of a month is recommended. |
- The following fields are optional to be filled out on this record:
| Field Name | Description |
|---|---|
| Bank Line Department Default | This is the department that will be sourced onto the bank line (transaction line hitting the bank account) of transactions created from the bank matching page or by automation rules. This can be overridden when creating a transaction. |
| Bank Line Class Default | This is the class that will be sourced onto the bank line (transaction line hitting the bank account) of transactions created from the bank matching page or by automation rules. This can be overridden when creating a transaction. |
| Bank Line Location Default | This is the location that will be sourced onto the bank line (transaction line hitting the bank account) of transactions created from the bank matching page or by automation rules. This can be overridden when creating a transaction. |
| Offset Line Department Default | When creating a transaction or booking a transfer, this is the department that will by default be sourced onto the offsetting line of the transaction (the account opposite the bank account; usually an expense account). It can be overridden when creating the transaction. |
| Offset Line Class Default | When creating a transaction or booking a transfer, this is the class that will by default be sourced onto the offsetting line of the transaction (the account opposite the bank account; usually an expense account). It can be overridden when creating the transaction. |
| Offset Line Location Default | When creating a transaction or booking a transfer, this is the location that will by default be sourced onto the offsetting line of the transaction (the account opposite the bank account; usually an expense account). It can be overridden when creating the transaction. |
| Reconciliation Details Subtab | |
| Owner | This is the person who should be preparing and submitting the bank reconciliation for review. This can be overridden on a period by period basis. |
| Approver | This is the person who should be reviewing the prepared and submitted bank reconciliation. |
| Validations Subtab | |
| Location | This field allows the user to set segmentation controls when it comes to creating transactions. When a transaction is created, the location has to be set to one of the locations selected in this field or the transaction will not be created. |
| Department | This field allows the user to set segmentation controls when it comes to creating transactions. When a transaction is created, the department has to be set to one of the departments selected in this field or the transaction will not be created. |
| Class | This field allows the user to set segmentation controls when it comes to creating transactions. When a transaction is created, the class has to be set to one of the classes selected in this field or the transaction will not be created. |
- Once all required and optional fields are completed, select Save. Be sure to go through these fields for each bank account record.