ANS-0836 · ACCOUNTING & FINANCIAL CONFIGURATION
How to Reconcile Bank Accounts in NetSuite Using Current Features
This guide outlines the process for reconciling bank accounts in NetSuite, focusing on the recommended two-step method for accurate financial record-keeping.
Short answer
To reconcile a bank account in NetSuite, navigate to Transactions > Bank > Match Bank Data to match transactions, then proceed to Transactions > Bank > Reconcile Account Statement. Select the desired account and complete the reconciliation by ensuring the ending statement balance aligns with the sum of reconciled transactions and the last recorded balance. Historical data is accessible via reports.
Scenario
Organizations often need to reconcile bank accounts within NetSuite to ensure financial accuracy and identify discrepancies between bank statements and system records. This process is crucial for maintaining clean financial data and validating all transactions. This guide addresses the steps required to perform a bank reconciliation for any designated account.
Solution
To reconcile a bank account in NetSuite, follow these steps:
Begin the reconciliation process by navigating to
Transactions > Bank > Match Bank Data. This step involves matching bank statement lines with corresponding transactions recorded in NetSuite.Once transactions are matched, proceed to
Transactions > Bank > Reconcile Account Statement. Select the specific bank account that needs to be reconciled.Within the reconciliation interface, associate any remaining transactions as needed to finalize the statement. Ensure that the following equality holds true:
Ending Statement Balance = Reconciled This Statement + Last Recorded BalanceHistorical reconciliation data may be accessed through dedicated reports or specific navigation within the reconciliation features, as the direct 'History button' functionality may vary or be integrated differently in current NetSuite versions.
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