Cleared and Reconciled

Cleared:

• A cleared transaction is one that has been confirmed by the bank.
• When a payment, deposit, or other transaction appears on your bank statement, it is considered cleared because the bank has processed it.
• In NetSuite, you can mark a transaction as cleared by entering the “Cleared” checkbox in the bank register or during bank statement import/matching.

Reconciled:

• A reconciled transaction is one that has been matched and verified as part of the bank reconciliation process in NetSuite.
• Reconciliation ensures that the transactions in NetSuite align with the transactions on the bank statement. It confirms both accuracy and completeness.
• When you perform a bank reconciliation, you match the NetSuite transactions (such as deposits, payments, fees) to the bank statement and mark them as reconciled.
• Transactions that are reconciled no longer need review since their correctness has been confirmed during the reconciliation process.

Example:

1. A payment is made on November 1 and appears on the bank statement on November 3. It is marked cleared in NetSuite on November 3.
2. During the month-end reconciliation process, this payment is matched to the bank statement and marked reconciled.