NetCash Automatic Bank Connection - US-Based Banks
Overview
NetCash automatically pulls bank transactions daily through API-based bank feed connections. For US-based banks, these connections are established through Netgain's partnerships with Plaid and Finicity (Mastercard).
Open Banking API
NetCash is built for modern Open Banking API connections. If a bank does not support API connections, bank data must be imported via the NetCash CSV import tool.
Recreating Existing Connections
If a connection to an existing bank institution and bank account needs to be recreated through Plaid or Finicity, contact Netgain Support before proceeding to avoid duplicate transactions or conflicts between old and new records.
Step-by-Step Process
Add New Bank Connection
- Navigate to NetCash > Setup > Bank Connect.
- Hover over New Bank Connection and select the desired API provider from the dropdown. Plaid is recommended as the first option. If the connection is unavailable or unsuccessful through Plaid, use Finicity.
3. Click Next to proceed to the bank selector page. The screen displays eight common banking institutions by default. Use the search bar to locate any institution not listed.
4. Select the desired bank. The screen transitions to that institution's login experience.
5. Log in to the bank institution and select all corresponding bank accounts to connect.
6. Click Submit. The bank institution and all selected accounts are added to the list of connected banks.
7. Repeat this process as needed until all bank accounts have been added.
Adding Bank Accounts to an Existing Connection
To add additional bank accounts to an institution already connected in NetCash:
- Finicity: Create a new connection following the steps above. In the popup, select only the additional accounts. This results in two connections for the same institution, each with different accounts.
- Plaid: Select the three dots next to the institution name and choose Update Connection. When prompted, select the additional bank accounts to add.
Update Bank Institution Record (Optional)
When a bank connection is established, a Bank Institution record is created automatically. Two fields on this record may be updated if needed.
- Navigate to NetCash > Setup > Bank Connect and click the bank name to open the Bank Institution record.
- Click Edit to modify the following fields:
- Name: The institution name as set during the connection process. This may be updated if needed.
- Error Log Recipients: The NetSuite users who receive email notifications when a connection error occurs (e.g., re-authentication required or connection failure). Defaults to the user who created the connection.
Add Required Bank Account Fields
Bank account records are created automatically when the bank connection is established. However, each record requires additional configuration before it is ready for use.
- Navigate to NetCash > Setup > Bank Accounts. All bank accounts connected through the API are listed here.
- Select a bank account. A panel appears on the right displaying the account details.
- Review the read-only fields populated automatically by the bank connection:
| Field Name | Description |
|---|---|
| Bank Institution | The bank institution that this account belongs to. Set on account creation. |
| Type | The account type as described by the bank institution. Set on account creation. |
| Sub Type | The account sub-type (may be blank) as described by the bank institution. Set on account creation. |
| Current Balance | The account balance pulled from the most recent API call to the bank. This occurs each morning and reflects the previous end-of-day balance. Updated daily by script. |
| Currency | The account currency, as pulled from the bank the first time transactions are requested. |
4. Complete the following required fields:
| Field Name | Description |
|---|---|
| Initial Balance | The balance of this bank account at the end of the day prior to the Cutover Date. This allows bank reconciliation to begin at any point in time without needing to account for prior transactions. |
| Cutover Date | The date on which bank transaction imports will begin. Transactions prior to this date will not be pulled into NetCash. Setting this to the first of a month is recommended. |
| GL Account | The GL account that corresponds to this bank account. Each GL account may only be associated with a single bank account record. |
| Rounding GL Account | The GL account used to book any amount difference when a bank transaction is matched to a GL transaction with a discrepancy. |
5. Review and complete the following optional fields as applicable:
| Field Name | Description |
|---|---|
| Transaction Offset GL Account | Optional but highly recommended. The default account applied to transactions created from the bank matching page or by a Create Transaction automation rule. Can be overridden per transaction. |
| Segments Subtab | |
| Bank Line Department Default | The department sourced onto the bank line of transactions created from the bank matching page or by automation rules. Can be overridden per transaction. |
| Bank Line Class Default | The class sourced onto the bank line of transactions created from the bank matching page or by automation rules. Can be overridden per transaction. |
| Bank Line Location Default | The location sourced onto the bank line of transactions created from the bank matching page or by automation rules. Can be overridden per transaction. |
| Offset Line Department Default | The default department sourced onto the offsetting line of transactions created or transferred from the bank matching page. Can be overridden per transaction. |
| Offset Line Class Default | The default class sourced onto the offsetting line of transactions created or transferred from the bank matching page. Can be overridden per transaction. |
| Offset Line Location Default | The default location sourced onto the offsetting line of transactions created or transferred from the bank matching page. Can be overridden per transaction. |
| Reconciliation Details Subtab | |
| Approver | The NetSuite user responsible for reviewing the prepared and submitted bank reconciliation. |
| Validations Subtab | |
| Location | Sets a segmentation control for transaction matching. Transactions will not be matched if the corresponding GL transaction does not include the specified location. |
| Department | Sets a segmentation control for transaction matching. Transactions will not be matched if the corresponding GL transaction does not include the specified department. |
| Class | Sets a segmentation control for transaction matching. Transactions will not be matched if the corresponding GL transaction does not include the specified class. |
6. Click Save. Repeat this process for each bank account record.
Complete Fields for Each Account
Ensure all required and applicable optional fields are reviewed and completed for every bank account record before proceeding.
Pull Bank Transactions Manually
NetCash runs a script nightly to pull bank transactions automatically. To pull transactions immediately without waiting for the scheduled run, deploy the script manually.
- In the NetSuite global search bar, search for NetCash | Bank Tran. Four script options appear in the dropdown:
- NetCash | Bank Tran - Finicity | MR
- NetCash | Bank Tran - Plaid Ref | MR
- NetCash | Bank Tran - Plaid | MR
- NetCash | Bank Tran - Skript | MR
Select the script that corresponds to the API in use. If both Plaid and Finicity connections are active, each script must be deployed separately.
2. Select the appropriate script. The Script Deployments page displays two deployments: one with a Scheduled status and one with a Not Scheduled status.
3. Click Edit on the deployment with the Not Scheduled status.
4. Click Save and Execute. The script deploys immediately and pulls in transactions for all banks connected through the selected API.
5. To verify the imported transactions, navigate to NetCash > Reports > Bank Activity.
Transactions Not Syncing
If transactions fail to sync for more than a couple days, follow the steps in Reauthenticating Bank Connection.