Netsuite Advanced Bank Reconciliation

What is NetSuite Advanced Bank Reconciliation?

Bank Reconciliation is a very tedious process which can consume time and labor. It involves managing a high volume of transactions and documentation of multiple bank accounts or multiple currencies. NetSuite Advanced bank reconciliation solution will help you to prevent the problem of handling annual processes of banking in a few simple steps. This help majorly reduces the time required as everything is carried out with the digital processes.

The reconciliation process lets you ensure that your NetSuite ERP system is accurate and is up to date with the bank account used for transactions. There are a few key things to look at when using the feature of account reconciliation in NetSuite:

Formatting CSV File Correctly: 

NetSuite gives a template file with an already placed column header. As this cannot be changed it will lead to an import error. Some other things which need to be checked are:

  • Format of Date: This requires to be placed in the format of Month/Day/Year.
  • Credit values to be positive 
  • Debit values to be negative
  • The transaction occurring should be in the following forms:
    • Check transactions
    • Payment transactions 
    • Credit transactions
    • Debit transactions
    • Fee
    • Interest
    • Transfer
    • Deposit
    • Other transactions
  • The values mentioned in transactions cannot have commas to show the value.

Some other formats which are supported in NetSuite bank reconciliation:

  • OFC
  • BAI2
  • CAMT
  • QFX

NetSuite has smart matching rules which can be set up as per need. This allows for higher matching chances and improves reach with accounts. Some of the rules for matching are:

  • Transaction amount and number: This helps to find the transaction match on the obtained transaction ID, ledger number. It also makes an effort to find a match for a group transaction with the same transaction ID. The date of the bank transaction should also be kept valid with the transaction tracker on or before the stated value
  • Match on the amount within 90 days period: The NetSuite bank reconciliation carries a feature to match and filter the transactions. Maps the transaction carried by a bank account under the period of 90 days. It also allows you to import transaction statements based on the date under the same period.

Under Netsuite, you have the ability to customize the transaction match rules. This enables you to provide requirement based rules which allow the business to be more efficient. Some of the important points to be considered are:

  • Comparing Fields: You are allowed to choose a field of transaction values and compare it along with primary base details. If any similarity found from the base details taken from the bank statement it could be stated as part of the memo on the NetSuite Dashboard.
  • Primary fields: Here you can set a trigger for the matching rule based on conditions. So whenever the conditions are met for the rule it will trigger.
  • Transaction type: Here transaction-based rules can be set. Example: For all payments done if you need to see the document number of each payment then this rule can help to filter.

Netsuite is always in pursuit to come with great software solutions and enhance your way to perform day to day tasks. It provides features to choose amounts on bank accounts on statements, like bank charges and will help automatically post ledger for you to show these values. So reconciling all the transactions will allow having reconciled bank accounts in line to NetSuite bank reconciliation feature. To learn more about NetSuite Advanced Bank Reconciliation, you can get the world best NetSuite development services.

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