Linking Bank Accounts to Your NetSuite GL Accounts

Abstract

Linking your bank account to a corresponding NetSuite General Ledger (GL) account is an essential step in your payment automation setup, ensuring that funds are drawn from the right place and allocated correctly. Administrators need to complete this link to enable smooth cash flow tracking and accurate financial reporting. For example, if you have a Chase Checking account dedicated to payroll, properly linking it to the correct GL account helps your organization distinguish operational expenses from payroll expenses during monthly reconciliations.

This article walks you through the process of associating bank accounts with NetSuite GL accounts as part of a payment automation implementation.

Linking Bank Accounts to NetSuite GL Accounts

Administrators must connect each bank account to the relevant GL account so that Payment Automation can correctly identify where funds should be drawn during payment processing. This section explains the importance of establishing these links and how they help ensure accuracy when generating transactions within NetSuite.

Follow these steps to link bank accounts to GL accounts in NetSuite.

1. Once you’re done with the verification process of the Funding Source, the next step is to link that bank account to a GL account or a General Ledger account on NetSuite.

2. Start by navigating to Payment Automation settings and selecting Link Bank Accounts:

   
3. After selecting Link Bank Accounts, it will open the screen for the different Netsuite GL accounts:

   1. By default, all GL accounts will be Unlinked.

      
4. To accurately track disbursements under the ledger you want to link, open the Automate Funding Source dropdown. You can also start typing the name of your funding source:

   
5. After identifying the funding source you wish to map, select the appropriate bank account from the dropdown:

   
6. To finalize the connection, press the Submit button to save your association so that NetSuite understands which bank account corresponds to which GL account:

   

Once this process is complete, Payment Automation knows precisely where the money is coming from whenever you initiate payments in NetSuite.