The banking management of NetSuite gives the following functions:-
- Checks
- Deposits
- Transfers
- Credit cards and bank reconciliation
Checks
Allows you to record debits made in your bank account, record cash transactions, log debit card purchases and manage petty cash. Checks written in NetSuite can be canceled and voided.
Deposits
Log all credits made to your bank account. Deposit payments received in the undeposited funds account for existing transactions, funds not related to transaction payments and record any cash received back from the bank.
Transfers
The transfer funds transaction allows you to record the transfer of funds between two bank accounts. Bank accounts can use the same currency or two different currencies.
Credit cards
Manage charges and payments for your company credit card in NetSuite, record credit card charges, pay the credit card bill, and reconcile the credit card statement.
Trial Balance
The cash trail balance report provides information on the running balances of your bank accounts.
Bank Register
The bank register displays a master list of the debits and credits made to all bank accounts. The bank register displays the account the transactions are posted to the transaction number and type, the payee and account, a memo, payments and deposits, the running balance, and the current ending balance.
Reconciliation
NetSuite support manual and online reconciliations for online bank reconciliation, download, and import bank statements into NetSuite. The report shows the last reconciled statement balance, the current reconciled balance, the reconciled statement balance, and the difference.