Bank Reconciliation

Author: Tam Dam

Bank reconciliation is one of the most important activities within anorganization and can also be time-consuming to perform. We see companiesutilize several diff erent software or third-party tools to reconcile their bankaccounts. NetSuite provides the capabilities to automate the process andminimize the manual steps.

There are two confi gurations to import bank data into NetSuite—Automaticimport and Manual import. Automatic import brings the bank information intoyour NetSuite instance while Manual import requires a user to request the datafi le from the bank. While the data fi les often only contain a few fi elds of data, itcan be time consuming to work with your bank(s) to establish the process forrequesting and extracting the data. We encourage you to reach out to your bankearly in the process to get a plan in place as they often require scheduling of theirresources to work with you.

NetSuite introduced a new tool for performing bank reconciliations a coupleyears ago called Match Bank Data which replaced Bank Statement Reconciliationand Credit Card Statement Reconciliation. If you see the below banner whilereconciling your bank and credit card transactions, you should make immediateplans to move to the new Match Bank Data.

Your mPower contact can help with making sure you are on the most recentversion of bank reconciliation, share experiences working with several diff erentbanks, and assist you with creating a plan for implementing NetSuite bankreconciliation – if currently performed manually or with another softwareapplication.