How CAM is different from NetSuite's Bank Feeds SuiteApp

Q1: What is the NetSuite Bank Feeds SuiteApp?

A: The NetSuite Bank Feeds SuiteApp is a tool developed by NetSuite that allows for a connection to financial institutions via APIs to pull transactions for reconciliation purposes. This application facilitates the scheduled retrieval of bank statements, transactions, and balances directly into NetSuite.

Q2. Does the Bank Feeds SuiteApp automate the reconciliation process?? 

A: No, the Bank Feeds SuiteApp does not automate the reconciliation process. While it pulls transaction data from banks for reconciliation, users must manually match these transactions with existing records in NetSuite. The SuiteApp does not automatically create records such as customer payments, journal entries, customer deposits, etc., nor does it automatically close outstanding invoices or match accounts. 

Q3. How does the Bank Feeds SuiteApp differ from CAM (Cash Application Manager)?

A: The primary difference between the Bank Feeds SuiteApp and CAM lies in automating reconciliations and record creation. CCAM not only pulls transactions from banks using SFTP connections but also automatically creates the relevant records (e.g., Customer Payments, Journal Entries, Customer Deposits) in NetSuite. Furthermore, CAM applies these transactions to outstanding invoices and closes them, providing a more automated reconciliation process compared to the manual efforts required with the Bank Feeds SuiteApp.

Q4: Can the Bank Feeds SuiteApp replace CAM?

A: No, the Bank Feeds SuiteApp cannot replace CAM because it cannot fully automate the reconciliation process and the creation of financial records in NetSuite. While it serves as a tool for pulling transaction data from banks, the manual intervention required for matching transactions and managing records makes it insufficient as a standalone solution for businesses seeking complete automation in their reconciliation processes.

Q5. Who should use the NetSuite Bank Feeds SuiteApp?

A: The NetSuite Bank Feeds SuiteApp is best suited for businesses looking for a solution to efficiently import bank transactions into NetSuite for reconciliation purposes. It is especially useful for those who are willing to manage the reconciliation process manually and do not require the fully automated reconciliation and record-creation capabilities offered by CAM.