NetSuite Bank Reconciliation is a feature that allows users to reconcile their bank accounts with the transactions recorded in their NetSuite system. The bank reconciliation process is done by matching the transactions in NetSuite with those on the bank statement. This helps to ensure that the transactions are accurate and up to date. It also helps to identify discrepancies and make corrections before they become a problem. The Bank Reconciliation feature allows users to easily and quickly reconcile their bank accounts with the data in their NetSuite system, ensuring that their financials are accurate and up to date.
Configuration Steps:
1. Navigate to the Setup > Accounting > Bank Accounts menu option.
2. Select the bank account to be reconciled.
3. Select the Reconcile checkbox and click Save.
4. Navigate to the Transactions > Banking > Reconcile Bank Account menu option.
5. Select the bank account to be reconciled.
6. Enter the Statement Date and Ending Balance.
7. Select the transactions that have been reconciled.
8. Click Save.
9. Repeat the above steps for each bank account that needs to be reconciled.
10. Once all accounts have been reconciled, click the Reconciliation Summary button to review the reconciliation.
11. If all transactions have been properly reconciled, click the Mark as Reconciled button.
12. Now the bank reconciliation is complete.