Enriched Bank Data for Improved Transaction Matching in NetSuite

Starting in NetSuite, the Enriched Bank Data feature enhances the accuracy of matching imported bank transactions to the general ledger through the use of generative AI. This feature automatically extracts entity information from transactions, aiding in the identification of matches for previously ambiguous or unmatched entries.

How Does Enriched Bank Data Work?

When importing bank data, the following sequence occurs:

1. Entity Extraction: Generative AI extracts entity information from the memo and payee/payor fields of the bank transactions.
2. Rule Application: All system and custom matching rules are applied to identify matches without utilizing the enriched entity data.
3. Enrichment-Based Matching: Remaining unmatched transactions undergo enrichment-based matching, which follows specific criteria:
   • Exact Amount: The transaction amounts must match exactly.
   • Date Range: The transaction date must be within seven days.
   • Enriched Entities: The extracted entity information from bank transactions is compared to the memo and name fields in the general ledger.

Important Considerations

• This feature is enabled by default. Users need permissions to access the Match Bank Data page and to import bank data. Administrators can adjust the feature's status via: Setup > Company > Enable Features in the Accounting subtab.

• Performance Note: For efficiency, enrichment-based matching will only process up to 10,000 unmatched transactions for each run of reconciliation rules. If there are more than 10,000, consider re-running the reconciliation process multiple times.

• Review Matches: It is crucial to review all matches, especially those using entity information extracted by AI, as these may not always be accurate.

Matched transactions are visually indicated with a multicolored vertical line in the Match Bank Data and Reconcile Account Statement pages. A details popup also specifies whether the match was made through enrichment-based criteria.

Note: Always verify the matched transactions before finalization of reconciliation to ensure accuracy, taking into account any additional business context that may be necessary.

Who This Affects

This feature will primarily impact:

• Accountants: Improved accuracy in financial reporting and reconciliations.
• Administrators: Responsibility for enabling and configuring the feature.
• Finance Teams: Enhanced efficiency in transaction matching processes.

Key Takeaways

• The Enriched Bank Data feature automatically extracts entity information to improve transaction matching accuracy.
• This process enhances matching for ambiguous or unmatched transactions.
• Users must verify all AI-assisted matches before finalizing reconciliations.
• Administrative access is required to enable or modify this feature in NetSuite.