Enriched Bank Data Matching Improvements in NetSuite

TL;DR: The Enriched Bank Data feature enhances the matching accuracy of imported bank transactions to the general ledger in NetSuite by utilizing generative AI. This functionality is particularly useful for ambiguous transactions that have multiple possible matches.

What is Enriched Bank Data?

The Enriched Bank Data feature automatically extracts entity information from the memo and payee or payor fields of imported bank transactions. This process helps in resolving ambiguities when multiple matches are available for the same transaction amount. After applying existing system and custom matching rules, any unmatched transactions with identical amounts are subjected to enrichment-based matching during bank data import and reconciliation.

How Does It Work?

When importing bank data:

1. System and custom matching rules are executed first to find potential matches.
2. For any remaining unmatched transactions with the same amount, the enrichment process evaluates:
   • Exact transaction amount
   • General Ledger (GL) transaction date (up to 7 days prior)
   • Similarity in extracted entity information from the imported transaction compared to existing GL transactions.

This enrichment process is automatically run, and matched transactions are visually indicated by a multicolored vertical line on the Match Bank Data and Reconcile Account Statement pages, with details showing when a match is enrichment-based.

Important Considerations

• The feature is enabled by default and can be adjusted in the Accounting subtab under Setup > Company > Enable Features by administrators.
• Review Required: While this feature aims to improve matching accuracy, matches generated by AI should be reviewed for errors before finalizing reconciliation. Ambiguous matches could still lead to incorrect matches, thus thorough verification is essential.

Who This Affects

• Administrators: Manage features and settings.
• Accountants: Utilize bank transaction matching and reconciliation.
• Developers: Integrate or enhance bank data processes within the system.

Key Takeaways

• The Enriched Bank Data feature enhances matching accuracy for bank transactions.
• It uses generative AI to extract relevant entity information for better matching.
• Transactions that remain unmatched after standard rules may be enriched for a more accurate resolution.
• Users must review automatic matches to confirm accuracy before reconciliation.