Helpful Tips for the New NetSuite Bank Account Reconciliation Module

This article is relevant if you are using NetSuite’s new Account Reconciliation feature which activated in the 2017.2 version.

Background

NetSuite offers a new account reconciliation feature that optimizes the use of electronic downloads for bank and credit card companies.¬† ¬†The feature is a welcomed new capacity to the previous bank reconciliation module.¬† ¬†The good news is that via a switch, you can toggle between the¬†original reconciliation (which does not require electronic downloads) and the new capacities.¬† While, I won’t go into how to use the module here as instructions are available via NetSuite Help, I have found a few things to keep in mind.

As a side note, the module reminds me of the capacities offered by our client, Blackline Software.¬† For any NetSuite accountant that needs to drive account reconciliation capacities, Blackline has an extensive ability to perform account reconciliations that goes well beyond bank and credit card accounts.¬† I suspect that if you like NetSuite’s new module, you will¬†love Blackline’s services.

NetSuite Custom Transaction Records with Bank Reconciliation

In order to see custom transaction types in your account reconciliations, you need to turn on an accounting preference.¬† I can’t quite tell why this is a preference (why not have it on always?) but I tripped on it reconciling our Bitcoin wallet balances against the cash accounts for the year end.¬† See image.

Can’t Find NetSuite Transactions to Match Account Statement

You may experience missing transactions that won’t come up in the account reconciliation.¬† I had this issue because I had an old cleared, but unreconciled, transaction that I worked with in the old module.¬† To get to the transaction, deactivate the module and follow the procedure in my article, Solving NetSuite Bank Reconciliations Differences to Balance Sheet.

Bring Older NetSuite GL Transactions in Account Statement Scope

The system defaults to lookup existing unreconciled transactions based on the statement date parameters.  To bring in older transactions, modify the GL Transaction dates and click the refresh icon as shown in the image.  I found that it is better to have a narrow date range.  When I had a wide date range, the software seemed to run slow and I suspect is unstable.

Keep Driving Value out of NetSuite

I believe it is important to make everyday an opportunity to gain more knowledge and skill using the NetSuite system.¬† Should I find more helpful tips, I will publish them here.¬† Perhaps you see some tips that can help the community?¬† Please share below.¬† If you have any specific matter you want to speak about, let’s have a conversation.

 

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Marty Zigman

Holding all three official certifications, Marty is Southern California's NetSuite expert and leads a team of senior professionals at Prolecto Resources, Inc. He is a former Deloitte & Touche CPA and has held CTO roles. For over 25 years, Marty has produced leadership in ERP, CRM and eCommerce business systems. Contact Marty to set up a conversation.

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| Category: NetSuite | 1 Comment

One Comment

  1. Maissa
    Posted May 31, 2018 at 2:55 am | Permalink

    Hello,
    I am trying to import vendor entity bank details but i don’t find the vendor parent on the entity bank details form to map it with the vendor ID.

    Can you please tell me where i find this field.

    Best Regards.
    Maissa.

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