Bank Reconciliation in NetSuite is a crucial accounting process used to ensure that your company’s bank account records match the records in your NetSuite system. This process helps identify discrepancies between your bank statement and your accounting records, such as missing transactions or errors, and ensures that your financial statements are accurate.
Navigation
Navigate to Transactions > Bank > Reconcile Bank Statement.
Select the bank account you want to reconcile.
Key Features of Bank Reconciliation in NetSuite
- Automated Matching
- Transaction Matching: NetSuite can automatically match transactions between your bank statement and your accounting records based on criteria like date and amount.
- Bank Feeds Integration: When integrated with online banking, NetSuite can import bank statements directly, streamlining the reconciliation process.
- Exception Handling
- Discrepancy Identification: NetSuite highlights discrepancies, such as missing transactions or mismatched amounts, making it easier to resolve issues.
- Manual Adjustments: Allows for manual entry of adjustments or corrections needed to reconcile the account.
- Comprehensive Reporting
- Reconciliation Reports: Provides detailed reports on reconciled and unreconciled transactions, helping you track the reconciliation process.
- Audit Trail: Maintains a comprehensive audit trail of reconciliation activities for review and compliance purposes.
- User Access and Permissions
- Access Control: Manage user access to bank reconciliation functions to ensure proper oversight and control over financial processes.
- Reconciliation Templates
- Custom Templates: You can create and use custom templates to streamline reconciliation processes based on your company’s specific needs.