Side-by-Side Bank Reconciliation Tools in NetSuite 2017.2

NetSuite’s new release (2017.2), comes with enhancements to cash management, making bank reconciliation faster and easier than ever before. The release also will help users manage their cash positions in real-time while providing an exceptional user experience.

There is now a new “side-by-side” page in NetSuite called the Account Reconciliation Page, which gives users an alternative to the Reconcile Bank Account and Reconcile Credit Card Account pages.

Netsuite bank reconciliation
  • Easily compare statement transactions with GL transactions
  • Create necessary Journal Entries on the fly
  • Unmatched and Matched views allow you to separate transactions that have/have not been cleared
Netsuite bank reconciliation

Keep in mind that only GL Bank and Credit Card Accounts that have the USE IMPORTED STATEMENT RECONCILIATION FORM flag set in the Account Details page will be available to reconcile in the new page.

Another way NetSuite has improved their bank reconciliation experience is by improving the Bank Statement Import.

  • NetSuite now supports more bank statement formats (No Longer Supports QIF):
    • ISO20022,
    • CAMT053.001.006, and
    • BAI2.
  • These formats report prior-day transactions and cash balances
  • Controlled at Bank Import Mapping Subtab (on Account page)
  • There is also a New Bank Statement Import Record:
    • Replaces Online Banking Statement Page
    • Easily view and track when statements were uploaded and by whom
NetSuite bank reconciliation

Bank reconciliation can be a headache, but NetSuite is a very capable tool that can make your life easier. 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.

By |2018-02-23T09:09:18+00:00February 20th, 2018|ERP, NetSuite, Technology|0 Comments

About the Author:

Tanya Weatherholt
Tanya has 15+ years experience leading Systems Implementation and Business Process Analysis projects.
This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice.

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