Bank reconciliation in NetSuite is the process of matching your company’s bank account statements with the transactions recorded in NetSuite’s general ledger. This ensures that your cash balances in NetSuite align with the actual balances in your bank account. To start the reconciliation, go to Transactions > Bank > Reconcile Bank Statement. You’ll need to select the bank account and the statement date range. NetSuite will automatically pull in the transactions from the bank and match them with the transactions recorded in the system, including deposits, payments, and withdrawals.
If there are discrepancies, NetSuite allows you to manually match or adjust the transactions by either adding missing entries or correcting errors. Once all items are matched, the reconciliation process can be finalized, and NetSuite will automatically generate a reconciliation report. This report provides a detailed summary of the reconciled and unmatched items. By regularly performing bank reconciliations in NetSuite, you can ensure accurate financial records, catch any errors or fraud early, and maintain clean accounting records. The automated matching features in NetSuite improve efficiency, reducing the time and effort needed to reconcile bank accounts.