Managing Account Reconciliation in NetSuite
NetSuite account reconciliation has recently received an upgrade that will help speed things up and make your month end reconciliation more efficient and easier to manage. The purpose of reconciling your bank accounts each month is to make sure your ERP system is accurate and up to date with your bank account. There are a number of key things to consider when using the account reconciliation feature in NetSuite.
CSV file formatted correctly – NetSuite provides a CSV template file with column headers already in place. These can not be changed, this will lead to an import error. Other things to be sure of are as follows:
Date format – this needs to be in the US format MM/DD/YYYY.
Debits need to be a negative value.
Credits need to be a positive value.
Transaction Type needs to be one of these particular types.
The amount value can not contain any commas
Other formats supported:
There are intelligent matching rules that can be set up also, this allows for greater matching chances, therefore removing time from manually matching transactions. The matching rules are as follows:
Transaction Number and Amount – this attempts to find transaction matches on imported transaction ID and general ledger check number. It also attempts to find matches for groups of transactions with the same transaction number. The date of the transaction must also be on before or on the date of the bank transaction date.
Match on Amount when date is within 90 previous days - Using this rule, Intelligent Transaction Matching attempts to find transaction matches if the NetSuite general ledger transaction date is the same as or up to 90 days before the imported statement transaction date, and the imported amount is equal to the NetSuite amount.
Within NetSuite there is also custom transaction matching rules, this allows for company specific rules that will allow you business to have more efficient account reconciliations specific for your business. The key points for these is the following:
Consider the primary field – which field triggers this matching rule, if you have conditions set, this will be the trigger for the rule to kick off
Compare fields – select the field you want to compare along with the primary field, this could be the memo field for example, if you want to find relevance from the memo field on the bank statement that could be part of the memo on NetSuite.
Transaction type – these rules can be set on specific transaction types, for example if you want to see the document number for all payments you make, this will then look at the credit transaction type which will narrow down and make the match more specific.
The final key feature is that NetSuite now gives you the functionality to select amounts on the bank statement, such as bank charges, and will automatically post a journal for you to show these values. This along with reconciling all other transactions allows for a fully reconciled bank account in line with NetSuite therefore keeping your bank and ERP systems in sync.
As always, if you have any questions or need any help, please feel free to contact us here, or leave a comment in the discussion section below and a member of our NetSuite team will be in touch ASAP to assist.