Bank Data Matching and Reconciliation
To use the Match Bank Data and Reconcile Account Statement pages, you must have the proper permissions assigned to your role. For details, see Permissions for Banking Features. If you want to use the pages for an existing account, check the Use Match Bank Data and Reconcile Account Statement Pages box on the Edit Account page. This box is automatically checked for any new accounts. For details, see Editing Accounts to Use the Match Bank Data and Reconcile Account Statement Pages.
When bank data is imported into NetSuite (see Bank Data Import), the Intelligent Transaction Matching feature runs reconciliation rules to automatically match imported lines to corresponding transactions. You can manually match exceptions and reconcile transactions, without requiring spreadsheets or third-party tools.
If you have account statements but importing them is difficult or not possible, you can mark corresponding account transactions in NetSuite as cleared without importing the matching bank lines.
On the Match Bank Data page, you can view side-by-side grids of imported bank lines and account transactions in NetSuite. You can do the following:
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Match account transactions.
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For transactions with no matching bank line, mark them as cleared pending submission.
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Exclude imported bank lines.
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Review matched and user-cleared account transactions.
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Submit transactions to clear them in the system.
Before you manually match imported bank lines to corresponding account transactions, use the Automated Cash Application feature. This feature enables you to generate matching customer payments in NetSuite from imported bank lines, if applicable. These transactions are then automatically matched and cleared. For more information, see Automated Cash Application.
After you finish manually matching transactions or marking transactions as cleared, submit them. Go to the Reconcile Account Statement page to review the submitted transactions, include or exclude transactions from the reconciliation, and then reconcile the statement.
Customer payments that were generated, matched, and cleared using the Automated Cash Application feature appear on the Reconcile Account Statement page.
To reconcile custom transactions, go to Accounting Preferences and then check the Show All Transaction Types In Reconciliation box. See General Accounting Preferences.
Information on bank data matching and reconciliation in this topic includes:
This video displays the NetSuite 2020.1 user interface.