Reconciling bank transactions in NetSuite using Match Bank Data involves automatically matching transactions in NetSuite with your bank’s transactions, which helps to streamline the reconciliation process. Here’s how you can reconcile using the Match Bank Data feature:
Steps to Reconcile Using “Match Bank Data” in NetSuite:
1. Enable Bank Feeds (if not already enabled):
First, ensure that Bank Feeds or Online Banking integration is enabled for your bank account in NetSuite. This feature allows you to automatically import bank data directly into NetSuite for reconciliation.
To set it up, go to Setup → Accounting → Preferences → Accounting Preferences and ensure Bank Feeds is enabled. You might also need to configure the bank connection under Setup → Banking → Bank Feeds Setup.
2. Go to the Match Bank Data Page:
Navigate to Transactions → Bank → Match Bank Data.
Alternatively, use the path Transactions → Bank → Banking → Match Bank Data.
3. Select the Bank Account:
In the Account field, choose the bank account you want to reconcile.
If you have set up Bank Feeds, your bank transactions will automatically be imported. Otherwise, you can manually import a CSV file from your bank with the transactions.
To manually import, click Import and follow the prompts to upload a bank statement or CSV file with your transactions.
4. Match Transactions Automatically:
NetSuite will attempt to automatically match the imported bank transactions with existing transactions recorded in your system.
Review the transactions that have been automatically matched. Matched transactions will appear with a green checkmark or as “Matched.”
5. Manually Match Transactions (if needed):
For any unmatched transactions, you can manually match them by clicking the Find Match button.
Select the corresponding transaction(s) from your list of NetSuite transactions that should match the bank transaction. You can search by amount, date, or other criteria to find the correct match.
6. Handle Missing or Unrecorded Transactions:
If there are any transactions on your bank statement that are not in NetSuite (e.g., bank fees, interest, or unrecorded transactions), you can enter them directly in the Match Bank Data screen by clicking Create Transaction:
Choose to create a New Transaction, such as a Payment, Deposit, or Journal Entry, depending on the type of transaction.
Enter the necessary details and save the transaction.
7. Check for Differences:
Ensure the Cleared Balance (NetSuite’s balance) matches the Ending Balance from your bank statement.
Resolve any unmatched transactions by either matching or creating them until there is no “Out of Balance” amount.
8. Review and Submit:
Once all transactions are matched and cleared, review the reconciliation summary to ensure everything is balanced.
Click Submit to complete the reconciliation process.
9. Run Reconciliation Reports (Optional):
After the reconciliation is complete, you can generate reports to review the reconciled transactions.
Go to Reports → Banking → Reconciliation Reports to view or print the reconciliation report.
Key Features of “Match Bank Data”:
Auto-Matching: NetSuite automatically matches bank transactions with system transactions based on amount, date, and other factors.
Manual Matching: If automatic matching isn’t successful, you can manually match transactions or create new ones directly within the tool.
Direct Bank Feeds: If bank feeds are enabled, transactions are imported directly from your bank, saving time on data entry.