NetSuite’s new release, 2018.1, comes with many enhancements you may not be aware of. Some of those enhancements came in the form of bank reconciliation tools. There is a new account reconciliation portlet and improvements to the intelligent transaction matching.
- New account reconciliation portlet provides more advanced at-a-glance capabilities for treasury management.
- Can now see a daily snapshot of total cash balances across all Cash & Credit Card accounts
- You can easily see when each account was last reconciled
- View when the last bank statement was uploaded for the account including statement balances and any outstanding items to match and clear
- Intelligent Transaction Matching Improvements with Account Assignment allows for faster automatic bank account reconciliations which reduce monthly processing times.
- Apply rules to specific accounts (previously global rules only)
- Users can inactivate default rules if required or as an alternative to deleting old rules
- Increased granularity for creating matching conditions with additional transaction types
Bank Reconciliation can be a headache, but NetSuite is always looking to improve your day-to-day responsibilities. Take a look at our blog page to see the other improvements NetSuite has made in the 2018.1 update. If you would like more information about NetSuite, please contact us at any time. You can also learn about more great tips for NetSuite on our YouTube playlist or our other blog posts.