ANS-0211 · CSV IMPORT & DATA MIGRATION
How to Import Bank Statements into NetSuite for Reconciliation?
NetSuite supports various financial exchange formats for bank statement imports, simplifying the reconciliation process.
Short answer
NetSuite supports bank statement imports for reconciliation using native formats such as OFX, QFX, MT940, and CSV. While general journal entries can use CSV, dedicated financial data formats are preferred for bank statements, often enhanced by the Bank Statement Parsers SuiteApp.
Scenario
Users often need to import bank and credit card statements into NetSuite to perform bank reconciliation. The primary challenge lies in identifying the correct file formats that NetSuite natively supports for these imports, distinct from general CSV imports for journal entries. Understanding the supported formats is crucial for an efficient and accurate reconciliation process.
Solution
NetSuite supports the import of bank statements for reconciliation using specific financial data formats. It is important to distinguish this process from general CSV imports used for journal entries.The following formats are natively supported for bank statement imports:
- OFX (Open Financial Exchange): A file format sponsored by Intuit, Microsoft, and Checkfree, commonly used with Microsoft Money.
- QFX (Quicken Financial Exchange): A file format developed by Intuit and used with their Quicken software, which is a variant of the OFX file format.
- MT940: A widely used SWIFT message type for bank statements, natively supported by NetSuite, often through default parsers or the Bank Statement Parsers SuiteApp.
- CSV (Comma Separated Values): A common spreadsheet format, natively supported by NetSuite for bank statement imports, often through default parsers or the Bank Statement Parsers SuiteApp.
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