Bank Reconciliation
When processing the very first Bank statement, you can use the “Bank Start” and “Enter Statement Balances” as a check but this isn’t necessary. The fields should be populated as-is:
- The Bank Start Balance is the closing balance of the previous statement. As this is the first statement imported into NetSuite for this account there were none before. You could enter here what the closing balance for the previous balance should be here.
- The Enter Statement Balance is the closing balance for the statement, you can get this from the bank or get this from the statement.
- The Difference should be zero after you’ve completed the above.
- The Bank Balance NetSuite will only be updated after you’ve saved the statement and will show the balance in NetSuite (the GL for the account) after this statement has been saved. When the statement has been fully processed this should also match the Bank End Balance and Enter Statement Balance.
It should be the Bank Start Balance + Net movement of Transactions should equal Bank End Balance.