Mastering Bank Reconciliation in NetSuite: Custom Rules for Matched Bank Data

Bank reconciliation is a critical to financial management. NetSuite allows for efficiency in matching your bank transactions, allowing you to maintain accurate financial records seamlessly. NetSuite provides the ability to create custom reconciliation rules, which allows one to skip a lot of the manual process that comes in matching bank transactions.

Creating Custom Reconciliation Rules

1. Navigate to Transactions > Bank > Reconciliation Rules. The system already has three native rules applied: ‘Match on Transaction Number and Amount’, ‘Match on Amount and Transaction Number without Prefixes and Leading Zeros’, and ‘Match on Amount when Date is within 90 Previous Days’.
2. Click New Rule.
3. Enter a Rule Name and select the bank accounts that the rule should apply to.
4. Switch to the Conditions tab and select the Transaction Type on the imported bank transactions side that this rule applies to.
5. Select the Primary Field the rule applies to (Date, Memo or Transaction ID).
6. Select the Operator.
7. Depending on the Primary Field, you can enter a value or select the NetSuite Transaction Type and Compare Field.

For example, you can set a rule to automatically match on the memo when the dates match for all imported and NetSuite transactions. You would set the Transaction Type to ‘All Imported’, Primary Field to ‘Date’, Operator to ‘Equals’, Transaction Type to ‘All NetSuite’, and Compare Field to ‘Date’. Then, for the second line, set the Transaction Type to ‘All Imported’, Primary Field to ‘Memo’, Operator to ‘Equals’, Transaction Type to ‘All NetSuite’, and Compare Field to ‘Memo’.

You can manually run these reconciliation rules on the Match Bank Data page (Transactions > Bank > Match Bank Data) by clicking the Run Reconciliation Rules button. As you set up these User Rules, the system should automatically start matching transactions that coincide.

Conclusion

By understanding how to navigate through NetSuite's reconciliation features and leveraging custom rules effectively, you can maintain precise financial records with ease.

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