Every business should reconcile each bank statement. Ideally, this task should also be completed by someone not involved in the cash disbursements or cash receipt functions. The reconciliation is used to compare your bank statement to what your cash transactions are and identify any errors, irregularities or necessary adjustments.
NetSuite has a few different ways of reconciling bank statements – you can do it by checking off all the debits and credits manually or you can import your online banking data. Switching between the two methods can be done easily by checking the “Use Match Bank Data and Reconcile Account Statement Pages”. Checking this box allows you to use the Reconcile Account statement method.
In the past, importing your bank statements wasn’t always that easy to do. With the release of 2020.1 one of the new features is the Bank Feeds Suite App which has streamlined the import process by allowing you to automatically import transactions and balances directly from the bank without having to import the file. It will allow you to connect directly to multiple banks in the US and Canada. You will also be able to automate the import daily or manually import real-time statements and account balances into NetSuite. The Bank Feeds Suite App supports checking, savings and credit card accounts.
You will be able to connect to your bank/credit card by a simple login or MFA.
Once the data is imported into NetSuite you go to the Match Bank Data page and you can match, review or exclude transactions. This page shows side by side lists of imported data and transactions created in NetSuite. There are matching rules in NetSuite, and you can create your own. This is done by going to Reconciliation Matching Rules/New Rule. Next you need to submit your matches so that they are cleared in the system and go to Reconcile Account Statement page for a final review and then reconcile the statement.