Bank Reconciliation statement

Jira code :- ME – 323

Bank Reconciliation is used to maintain both NetSuite Accounting books (Only Bank and Credit Card)  bank accounts accurate, this can be done in using the bank reconciliation. A bank reconciliation should be completed at regular intervals for all bank accounts, to ensure that a company’s cash records are correct.

Following are the steps to perform Bank Reconciliation:

1.Download the Bank Statement from your Bank Account and change the file format. NetSuite Supported file formats:

1. QFX(Quicken Financial Exchange)
2. OFX(Open Financial Exchange)
3. CSV with UTF-8 encoding
4. CAMT.053.001.06 XML with UTF-8 encoding

2.  Setup Matching Rules (Optional).

Transactions>Bank>Reconciliation matching rules

Select the check box of already updated rules or create new rules.

New rule creation:-

1. Select new rule button.
2. Select the account to which rule is applicable.
3. Add rule conditions.
4. Save

3.   Upload banking statement in NetSuite.

Choose the file to upload the banking statement and submit. The bank statement import page will show all the data uploaded.

4.   View matched and unmatched transactions.

The Confirm Transaction Matches page shows side-by-side lists of imported Statement transactions and NetSuite Transactions. These are unreconciled transactions.

Transactions>Bank>Confirm transaction matches.

Select the matched transactions and match them by selecting the matching button below. NetSuite will match the transactions. Select the next transaction and match it. Match the transactions individually or as a group. Group of transactions matched together can be reconciled together as a group.

If the imported bank transaction is not recorded in NetSuite account, it can be created in confirm transaction matches page. In the below, there is a link to create a journal, add the new charge and add a new deposit. Select the link and add the details. Click save.

Matching error

• When the transaction amount is different, the transaction cannot be matched.

5.  Manually match the Unmatched transactions using Reconcile Account Statement page or Reconcile Bank Statement.

Transaction>Bank>Reconcile bank statement/account statement.

Or, Directly from confirm transaction matches page, click on the Reconcile account statement button.

After all, transactions are matched individually, it will show in reconcile account statement page. In the reconcile account statement page, select the account which the reconciliation have to do. The selected bank account determines the default subsidiary and currency. This filters the open transactions at the line level. The statement end date and ending statement balance will show in the page or enter the date and closing balance of the statement.

The Reconciled This Statement and Difference fields update as you check the reconcile box next to transactions. The Difference field displays the amount that you must reconcile. When the difference is zero, reconciliation is complete. NetSuite calculates the Difference field amount by subtracting the combined amounts of the Last Reconciled Balance and Reconciled This Statement from the Ending Statement Balance.

The matched tab shows transactions which are matched and reconcile tab shows transactions to reconcile. Select the transaction to reconcile and click on close statement button. The transaction is reconciled. It is better to do reconciliation after all transactions for a particular period are matched. Otherwise, the date needs to change to the next date of the previous reconciled date. The reconciliation can be done only once for one particular date.

Reconcile as group:-

Select one transaction by clicking on view group. Then click include all. Those transactions matched together will be checked and the total amount will show in ‘reconciled this statement’.

• Last reconciled balance shows the statement balance last used for reconciliation.
• Ending statement balance shows the balance of a bank statement that is entered in the ending statement balance column.
• Reconciled this statement shows the matched transactions total amount in the reconcile tab.

6. Reconciliation report

Report>Banking/budgeting>Reconciliation.

The reconciled account statement data will show in the report. The report will show the reconciled transaction and reconciled statement balance and also unreconciled and uncleared transactions. The reconciled date will show in the filter region. The report can be generated for showing reconciliation details of each date of reconciliation.

To see the reconciled bank statement details ,

Transactions>Bank>Reconcile bank statement , click history.

Bank register

Bank register report shows the bank transaction details and also shows created date and reconciled date of the transaction.

Complete reconciliation later:-

Reconcile bank statement page will help to complete the reconciliation of certain accounts for a later date. Select the account and the statement date. Enter the ending statement balance. NetSuite will show the last reconciled balance and the amount of the transaction which is selected. The difference will show the amount to reconcile. Note the statement date. Select the complete later button.

For the next time when reconciling the transactions, enter the statement date which is marked as complete later. The transactions which are marked as complete later will show in the line level.

Difference between reconcile bank statement , account statement and credit card statement:-

All bank accounts will show in reconcile bank statement page and credit card accounts will show in reconcile credit card statement page.

The imported bank statement can be matched with NetSuite bank account by using confirm transaction matches and it can be reconciled using reconcile account statement. Reconcile bank account and credit card account will help to individually reconcile the transaction using a bank statement balance.

Reconcile account statement page will show all accounts which are mentioned to show here. To show accounts here, Setup>Accounting >Chart of account.

Select the account edit page (the account which needs to show in reconcile account statement page). Check the box ‘USE CONFIRM TRANSACTION MATCHES AND RECONCILE ACCOUNT STATEMENT PAGES’. Click save. When this checkbox is checked, it will show only in reconcile account statement page (it will not show in reconcile bank statement page or credit card statement page).

To delete a reconciled bank or credit card statement

Select the transaction

Transactions > Bank > Reconcile Bank Statement/Reconcile Credit Card Statement.

Select the statement date (reconciled transaction date). From the actions menu, click delete.