If you find yourself reconciling monthly bank statements but the Reconciliation reports keep showing a difference, then it means you have not successfully reconciled one or more previous months.
The difference is carried forward. The difference you see in the Reconciliation reports is the variance between your bank statement’s ending balance and NetSuite’s bank account ending balance after you have marked NetSuite transactions to be included in that month’s bank activities.
Example: This snapshot is a Reconciliation report where it shows the October bank statement balance and the NetSuite balance is the same after $278,657.55 worth of transactions were added to September’s balance.
In the example, the reconciliation was successful because the difference is zero. If there is a difference, the recommended solution is to go back each month to find the last successful reconciliation, where the difference is zero, and re-reconcile the account.
Here are the steps to do that:
- Delete the months that have a difference in the Reconciliation report.
- Go to the Reconciliation report: Reports > Banking/Budgeting > Reconciliation, select Account and Statement Date, click Refresh.
- Delete completed reconciliations: Transactions > Bank > Reconcile Account Statement > List, scroll to the end of the list and click Delete.
- Note: you will need to delete each month one by one.
- Note: you will need to delete each month one by one.
- Go to the Reconciliation report: Reports > Banking/Budgeting > Reconciliation, select Account and Statement Date, click Refresh.
- Go back to Reconcile Account Statement and start from the month where the difference is zero and re-check all the transactions related to that month. You will reconcile each month again so that each month will have a difference of zero.
Concentrus has trained on and completed these reconciliations before. It is time consuming but necessary to have your bank statements tie to the correct transactions to maintain an accurate bank balance within NetSuite. If you find yourself in a situation where the statement balances are not reconciling over multiple months, reach out to us for a consultation.
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