As an avid user of NetSuite, I often find myself needing to reconcile my bank statements within the platform. In this article, I will walk you through the step-by-step process of reconciling your bank statement using NetSuite.
1. Accessing the Bank Reconciliation Page
To begin reconciling your bank statement, log in to your NetSuite account and navigate to the Banking module. From the main menu, go to Lists > Accounting > Reconcile Bank Statements. This will take you to the Bank Reconciliation page where you can start the reconciliation process.
2. Selecting the Bank Account
On the Bank Reconciliation page, you will see a list of bank accounts associated with your NetSuite account. Select the bank account you want to reconcile by clicking on the “Reconcile” button next to it.
3. Entering the Statement Information
Once you have selected the bank account, you will need to enter the statement information. This includes the statement date, ending balance, and any adjustments or fees that need to be accounted for. Make sure to double-check the accuracy of the statement information before proceeding.
4. Matching Transactions
After entering the statement information, NetSuite will display a list of transactions that it has automatically matched with the bank statement. These matches are based on criteria such as date, amount, and reference number. Review each match carefully to ensure that they are correct.
If NetSuite has missed any transactions or if there are any discrepancies, you can manually match or add transactions using the “Find & Match” or “Add” buttons. NetSuite also provides options to filter the transaction list based on criteria such as date range, amount, and type.
5. Reconciling the Bank Statement
Once you have reviewed and verified all the matches and additions, you can proceed to reconcile the bank statement. NetSuite will automatically calculate the “Cleared Balance” based on the matched and added transactions. Compare this cleared balance with the ending balance on the bank statement to ensure they match.
If they match, congratulations! Your bank statement has been successfully reconciled. NetSuite will mark the reconciled transactions as cleared, and you can view the reconciliation report for future reference.
If the cleared balance does not match the ending balance on the bank statement, you will need to investigate and resolve any discrepancies. This may involve reviewing the transactions, contacting the bank, or making adjustments within NetSuite.
Conclusion
Reconciling your bank statement in NetSuite can be a straightforward process if you follow these steps carefully. Remember to regularly reconcile your bank statements to maintain accurate financial records and ensure that your accounts are in balance. NetSuite provides a powerful tool to streamline this process, saving you time and effort in managing your financial transactions.