NetCash Manual Bank Connection Setup
Overview
For those bank accounts that can't connect through the API bank connection, (typically because the bank does not support API bank connectivity through third party services) these banks can be connected through a manual setup. This article will explain the manual bank connection setup.
Step by Step Process:
Create Bank Institutions
For all bank connections that are made through the API connection, NetCash will automatically create the bank institutions. The following instructions are only required for banks that do not support API connections.
Bank institutions are the containers for the bank accounts and need to be manually created.
- Type in the global search bar "NetCash Bank Institution". This will pull a list of all NetCash Bank Institutions.
- Select the button New NetCash Bank Institution.
- The only required field on this record is "Name". There is no need to worry about any of the other fields. Once the bank institution has a name, select Save.
Create Bank Accounts
For all bank connections that are made through the API connection, NetCash will automatically create the bank accounts. The following instructions are only required for banks that do not support API connections.
Bank account records can now be linked to the newly created bank institution.
- Navigate to NetCash > Setup > NetCash Accounts. This page will have a list of all bank accounts being used in NetCash.
- Select the button New NetCash Bank Account.
- 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 you create a transaction or book 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 you create a transaction or book 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 you create a transaction or book 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.
- In the NetCash Bank Account record, the fields "Short Name", "Mask", "Type", "Sub Type" and "Current Balance" are fields that are typically set by the automated bank connection script and are not necessary for manual connections.
- To create bank institutions and accounts in mass, reference the NetCash Manual Connection Template for a list of the fields. This resource also has a tab for uploading bank transactions to manual bank connections.