ANS-1144 · ACCOUNTING & FINANCIAL CONFIGURATION
Why Does NetSuite Bank Reconciliation Not Match Balance Sheet?
Resolve discrepancies between NetSuite's balance sheet and bank reconciliation by validating balances and adjusting past periods.
Short answer
When NetSuite's bank reconciliation does not match the balance sheet, first confirm the balance sheet's accuracy. Then, review past reconciliation statements for discrepancies. If differences are found, re-reconcile the affected periods using the current two-step process to ensure all transactions are correctly matched and reconciled.
Scenario
A user observes that the reconciled amount in NetSuite's bank reconciliation does not align with the corresponding balance on the balance sheet, indicating a potential discrepancy in financial records.
Solution
To address discrepancies where the NetSuite bank reconciliation does not match the balance sheet, follow these steps:
Confirm that the value displayed on the balance sheet is accurate, as it typically represents the validated financial position.
Navigate to the bank reconciliation pages to identify any differences between the balance sheet and the reconciled value. This process now involves two steps:
- Match Bank Data: Go to Transactions > Bank > Match Bank Data.
- Reconcile Account Statement: Go to Financial > Banking > Reconcile Account Statement.
Select the correct account number and review the reconciliation history.
If a non-zero difference is identified for any period, the reconciliation for those specific months or periods needs to be adjusted. This implies that previous reconciliation processes may have contained errors.
For each affected time slice, access the company's bank statements and perform the bank statement matching and account reconciliation again to ensure accuracy.
Expert NetSuite Support
Need help with this NetSuite issue?
Accounting & Financial Configuration consulting and configuration support