NetCash Automatic Bank Feed Connection Setup
Overview
NetCash has the ability to automatically pull in bank transactions daily through an automatic bank feed connection. These API connections are made through partnerships with third party providers. Currently, Netgain partners with Plaid, Finicity (MasterCard), AIIA, and Skript.
For Australian clients, please reference the Automatic Bank Feed Connection Skript article.
NetCash was specifically developed as a tool for modern Open Banking API connections. If a bank does not yet support API connections, the customer will have to use CSV uploads to import bank data.
Step by Step Process:
Here is a training video that walks through how to set up an automatic bank connection and how to deploy the script to immediately pull in bank transactions through the live feed.
Bank Connect Page
- Navigate to NetCash > Setup > Bank Connect.
- To setup the automatic bank connection, hover over the arrow on the button New Bank Connection.
- A small screen will appear. The recommended first connection to try is through Finicity. If that connection doesn't work for the desired bank, then try Plaid.
- Once an API is selected, a small connection screen will appear.
- Hit the Next button to get to the bank selector page.
- The next screen will show 8 default banks, use the search bar to find any additional banking institutions
- Once the desired bank is found and selected, the screen will change to the institution's login page experience.
- When logged in to the bank institution, there is the ability to select all corresponding bank accounts that fall under that login.
- Once all bank accounts have been selected, hit Submit and the bank institution with the underlying accounts will be added to the list of connected banks.
- This process can be repeated as many times as necessary until all bank accounts have been added to the screen
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 on the bank institution record--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 if 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 a bank account and a pop-up screen will appear on the right.
- There are certain fields that cannot be edited. This information is pulled in directly through the bank connection. The fields found below the "Currency" and "Current Balance" fields are editable and are either required or optional.
- See below for a description of the fields that cannot be edited and that are set by the script:
| Field Name | Description |
|---|---|
| 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. |
- The following fields are required:
| Field Name | Description |
|---|---|
| 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. |
| 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. |
- The following fields are optional:
| Field Name | Description |
|---|---|
| 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. |
| Segments Subtab | |
| 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 | |
| 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.
Manual Bank Transaction Pull
NetCash has a script that runs every morning to pull in the bank transactions. It is possible to immediately pull in the bank transactions by deploying a script. Search "NetCash | Bank Tran" and in the drop down there will be four different script options: NetCash | Bank Tran - Finicity | MR, NetCash | Bank Tran - Plaid Ref | MR, NetCash | Bank Tran - Plaid | MR, and NetCash | Bank Tran - Skript | MR. Whichever API is being used is the one that will need to be deployed. If there are multiple API connections (e.g. Plaid and Finicity), then each script will need to be deployed separately.
For this example, the "NetCash | Bank Tran - Finicity | MR" script will be deployed. Once selected, the "Script Deployments" page will show two different deployments. One that has a "Scheduled" status to run every day and another that has a "Not Scheduled" status. Select "Edit" on the deployment with the "Not Scheduled" status.
To run the script and immediately pull in the transactions, select "Save and Execute".
This will deploy the script to immediately pull in the bank transactions for those banks that are connected through Finicity. To see a list of the pulled in bank transactions, go to NetCash > Reports > Bank Activity.
If the transactions are not pulling in for a few days, we recommend that you first run the Tran Scripts (the process explained above) to try to manually pull in the transactions, however if that doesn't work; try deploying the "NetCash| Bank Refresh - Finicity | MR" or the "NetCash | Bank Tran - Plaid Ref | MR " script to refresh the bank connection.