Bank reconciliation is a very time consuming and tedious task especially if it involves multiple bank accounts, multiple currencies and high transactions. Netsuite helps you to avoid the monotony of the manual bank statement reconciliation which is done in simple steps which can bring the process from hours to minutes.
In this process, the statement transactions need to be imported from the bank directly into Netsuite which undertakes the help of automated matching for the reconciliation of the majority of the transactions with minimum effort. Grouping rules and flexible matching is user definable which ensures that it can produce the most accurate results. Bank reconciliation in Netsuite helps you to save time as the reconciliation process can be done in minutes rather than hours. The other benefits of having the bank reconciliation helps in reducing time as you can view all the transactions so that you can also find out the un-matched records.
Bank reconciliation in Netsuite can be done in the following steps which prevent you from the task or recording the credit card and bank statements manually.
The first step is to import the bank statement. All the financial transactions are imported from the bank as Netsuite is capable of recognizing worldwide format of bank statement which includes BAI, CSV and other popular international formats.
The second step is to match the transactions automatically as all the matched transactions are linked together with their unique match number which enables fast and easy tracking. These grouping rules and flexible matching can de defined by the user of the Netsuite.
The third step is adjustment posting and reporting in which the adjustments need to be posted so that the process can be continued to the auto match stage. Reporting involves the process in which the transactions from Netsuite as well as the bank statements have been reconciled as it is considered as a solid basis for the posting of transactions. In this step, the incorrect amount in particular transactions are also amended or corrected.
The fourth step is to match the remaining transactions manually as even though the match rules have been defined very well, there are chances that some transactions may require manual matching. Bank reconciliation in Netsuite sets a clear user interface that has been designed for the manual transactions that may need manual matching. You can easily zone out the un-matched records without the need of finding them in the clutter of the entire transactions. This makes the manual matching process quick and simple.
The final step is the transactions to history in which the bank statement are fully reconciled with that of the Netsuite transactions. After the reconciliation, the Netsuite and bank transactions are moved to history where these historical figures are reported and viewed for the audit purposes. History is referred to the process in which the transactions are saved after the amendment and after which the reconciliation is carried on. The reconciliation is also carried on along with the accounting system. The administrative burden on finance department is reduced considerably so that they can focus on the other more critical business matters. Thus bank reconciliation in Netsuite helps to get accurate results much faster where high volume of transactions can also be reconciled faster.