In today’s NetSuite guide, we’re going to discuss how to do bank reconciliation in NetSuite.
Step-by-Step Guide to NetSuite Bank Reconciliation
1. Import Bank Transaction
If the business is not currently using Bank Feeds feature for auto import of the bank transactions in NetSuite, bank reconciliation can start with importing them with CSV file.
- Navigate to Transactions > Bank > Banking Import History > Upload File. Select Import with a default parser to show the CSV template that user can use for importing bank.
- Below CSV template shows the important information required such as Date, Payer/Payee, Transactions ID, Transaction Type and Amount. Memo is optional.
- To import the completed CSV file, navigate to Transactions > Bank > Banking Import History > Upload File. Click “Choose a file” from the computer.
Select the bank account in the Account field. Click “Import”.
This upload status message will show to track the status. Click “Track your status” link.
If the import status shows “Failed”, check the reason, and update the CSV template.
If the import status shows “Completed”, the upload was successful and can proceed with the reconciliation.
2. Match Bank Data
On the Match Bank Data page, you can compare bank lines and account transactions imported into NetSuite. Navigate to Transactions > Bank > Match Bank Data.
You can take the following actions:
- Match account transactions.
- Mark as cleared pending submission all transactions without a matching bank line.
- Excluding imported bank lines.
- Examine the matched and user-approved account transactions.
- Submit transactions for system clearance.
- In the Match Bank Data page, all imported transactions will be automatically matched. The Intelligent Transaction Matching applies reconciliation rules to match imported lines with corresponding transactions.
Select the Account to be matched. Review the matched bank transactions in the “Review” tab.
If you need to exclude the matched transactions, click the “Matched” link in the line, then pop-up will offer to undo the matching. Click “Undo Match”.
- In the To Be Matched tab, the user can manually match the Imported Bank Data line with the Account Transactions line.
Click on the checkbox of each line to be matched. Click “Match” button.
- To clear transactions without matching bank lines, click the checkbox on the account transaction line. Click “Clear”.
- To add bank charges not yet booked in the system, click “Add Charge”.
Enter the required information such as payee, date, number, memo, amount, account, and dimensions of the entry.
Once done, the entry will show in Account Transactions. Click the checkbox and “Clear”.
- In the Review tab, all matched bank transactions will show. In the Excluded tab, this will show bank imported lines excluded for matching.
- Once all matched transactions are reviewed, click “Submit”.
- Click the “Reconcile Account Statement” to route to the reconciliation page.
3. Reconcile Account Statement
- In the Reconcile Account Statement page, select the Account and Statement End Date. In the Ending Statement Balance field, enter the balance from the bank statement.
The Summary area will show how much different from the reconciliation. The goal is to have zero difference, but the reconciliation can still be submitted even with differences.
- Click “Reconcile” to complete the reconciliation.
This pop-up message will appear to show the close date for the last reconciliation and its ending balance.
4. Reconciliation Reports
To generate the reports, navigate to Reports > Banking/Budgeting > Reconciliation > Detail. This Reconciliation Report can be generated and exported as csv, excel, word and PDF file.
Completing your bank reconciliation in NetSuite is crucial to guarantee that your cash balances are checked and balanced.
Wrapping Up
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