Airwallex NetSuite Integration Overview

In this article:

1. Which use cases are supported by Airwallex & NetSuite integration
2. NetSuite Bank Feed
3. NetSuite Expenses and Bills
4. NetSuite Invoice Payment
5. NetSuite Payables

Which use cases are supported by Airwallex & NetSuite integration?

NetSuite is a comprehensive business management suite designed to help mid to enterprise businesses manage their financials and accounting processes.

Our integration with NetSuite provides you with a seamless solution to meet your transaction reconciliation, spend management, payment acceptance, and payables needs.

1. Bank Feed - Sync your Airwallex wallet transactions across multiple currencies to NetSuite to reconcile account balances
2. Expenses and Bills - Sync your Airwallex Expenses and Bills to NetSuite and import accounting data from NetSuite to Airwallex for your employees to code expenses directly in Airwallex
3. Invoice Payments - Generate payment links on for invoices and sales orders issued in NetSuite, allowing your customers to pay by card or local payment methods
4. Payables - Make payments across multiple currencies for supplier and vendor bills directly in NetSuite

Note that our invoice payments and payables solutions require you to install a plugin in NetSuite, and the connection will be initiated and managed in your NetSuite UI directly.

Bank Feed

By connecting Airwallex to NetSuite, you authorise Airwallex to send transactions to your NetSuite account. This process generates a dedicated connection feed for each connected currency balance. During the initial synchronisation, Airwallex transactions from the preceding 24 hours will be sent to NetSuite. Subsequently, all your transactions will be automatically synchronised with NetSuite periodically.

How do I set up NetSuite Bank Feed?

Before you start setting up NetSuite Bank Feed, please ensure you have installed the "Airwallex: Bank Feed, Expenses and Bills" with bundle ID 486224 to your NetSuite instance.

1. Log in to Airwallex
2. Locate “Settings” on the left-hand navigation bar and click on “Connections”
3. Click on the “NetSuite” tile under “Recommended” tab
4. Find the "Bank Feed" tile and click "See details”
5. Click the “Connect” button
   
   
   
   
   
6. Connect your NetSuite account: You will be asked to provide your NetSuite account details to authorise the connection. Please refer to this article for instructions to locate these details.
   Note: please update your bundle to the latest version
   
   
   
   
7. Map Airwallex entities to NetSuite subsidiaries: You will map the Airwallex entities to the NetSuite subsidiaries available in your NetSuite account.
   
   
   
8. Map your Airwallex wallet currencies to NetSuite bank accounts: You will see a list of Airwallex accounts under each Airwallex entity you mapped in the previous step. For each account, select the currencies and the corresponding NetSuite bank account to sync transactions with.
   Note: Ensure that you have created the NetSuite bank accounts denominated in the desired currencies before proceeding.
   
   
   

9. Link your NetSuite bank accounts to Airwallex wallet currency feeds.

    

   
   
   
   

   To ensure that synced transactions appear in your NetSuite bank account, you need to link the NetSuite bank accounts to Airwallex currency feeds.

   Set up Airwallex as a Financial Institution in NetSuite. Navigate to Setup > Accounting > Financial Institution. In the FINANCIAL INSTITUTION field, enter “Airwallex” and click “Save”.
   
   
   
   Once saved, go to the Format Profile: Configuration sub-tab and click Add
   
   

   Input the following mandatory values and then click “Save”.

   • Profile Name: Enter your preferred profile name
   • Profile Type: Bank Reconciliation
   • Connectivity Method: Onlineone | PGN | Airwallex Bank Feeds
   • Transaction Parser: Onlineone | PGN | Airwallex Parser
     
     

   
   Note: You will only need to do this setup once.
   
   Finally, click on Accounting Linking. Under the “Linked GL Account” column, choose the appropriate NetSuite bank account for each Airwallex bank account. Airwallex bank feed will appear in NetSuite with the naming convention Airwallex_{Account nickname}_{Currency}. Ensure that the mapping in NetSuite matches the configuration in the Airwallex Webapp. Mismatched mappings will be reported as an error in the Airwallex Webapp.

   
   
   
   If there is a new account or you need to update the account linking, you may edit the Format Profile you created by navigating to Setup > Accounting > Financial Institution > List.

   
   View the Financial Institution where the format profile belongs to and click edit from the Format Profile: Configuration subtab.
   
   

   
10. Until you have linked your NetSuite bank accounts, your Airwallex transactions will not appear in the “Match Bank Data” screen. We will surface an alert to remind you to complete this step if you have not done so.
    
    
    
    

Expenses and Bills

The Expenses and Bills integration enables you to automatically sync your Airwallex Expenses and Bills into NetSuite for easy reconciliation. Additionally, you can import NetSuite accounting data into Airwallex, enabling your employees to tag their Expenses and Bills accurately

How do I set up NetSuite Expenses and Bills?

1. Log in to Airwallex
2. Locate “Settings” on the left-hand navigation bar and click on “Connections”
3. Click on the “NetSuite” tile under “Recommended” tab
4. Find the "Expenses and Bills" tile and click "See details”
5. Click the “Connect” button
   
   
   
   
6. Connect your NetSuite account: You will be asked to provide your NetSuite account details to authorise the connection. Please refer to this article for instructions to locate these details.
   Note: please update your bundle to the latest version
   
   
   
   
7. Map Airwallex entities to NetSuite subsidiaries: You will map the Airwallex entities to the NetSuite subsidiaries available in your NetSuite account. Note that the Airwallex entity to NetSuite subsidiary mapping is shared across Bank Feed and Expenses and Bills. If you have already set up Bank Feed, please review the existing mappings to ensure they are correct.
   
   
   
8. Map your Airwallex wallet currencies to NetSuite bank accounts: You will need to map your Airwallex wallet currency accounts with corresponding NetSuite bank accounts. This mapping is shared across Bank Feed and Expenses and Bills. If you have set up Bank Feed, If you have already set up Bank Feed, please review the existing mappings to ensure they are correct.
   
   
   
   
9. Finally, Airwallex will import your NetSuite accounting data in Airwallex. This includes your Vendor, Chart of Accounts (expense accounts and asset accounts), Classes, Locations, Departments, and Tax codes, and vendors.
   
   You will need to select a default vendor during this step. This is a vendor to which expenses and bills will be coded in NetSuite if an existing vendor is not selected. We recommend creating a default vendor in NetSuite to specifically use for this purpose.
   You can customise the values available for your employees to use when submitting their expenses and bills. You can also change the display names in Airwallex.
   Note that the accounting values available for use by each entity are determined by their association with subsidiaries in NetSuite.
   
   

Invoice payment

The “Airwallex Invoice Payment” plugin on NetSuite, which allows you to embed payment links into your invoices generated via NetSuite.

A payment link is a URL that can be sent to your customers. Once clicked, this link will direct your customers to an Airwallex payment page. Successful payments will automatically be added to your Airwallex account.

How do I set up NetSuite Invoice Payment?

Refer to this article to set up NetSuite Invoice Payment

Payables

The “Airwallex Payables” NetSuite plugin enables you to effortlessly pay your domestic and international supplier/vendor bills directly within the NetSuite platform. This is achieved by utilising the funds in your connected Airwallex account. Additionally, you have the option to choose the currency balance from your wallet that is most suitable for your payment requirements. This is accompanied by the advantage of accessing the same competitive foreign exchange pricing available within your Airwallex account.

How do I set up NetSuite Payables?

Refer to this article to set up your NetSuite Payables