How To Reconcile Bank Statement In Netsuite

Reconciling bank statements is an important task for any business, and it can be done easily with the help of NetSuite. In this article, we will guide you through the process of reconciling your bank statement in NetSuite.

Step 1: Access Bank Reconciliation

To start the reconciliation process, log in to your NetSuite account and navigate to the “Bank” module. From there, select “Reconcile” from the drop-down menu.

Step 2: Select Bank Account

On the reconciliation page, you will see a list of all your bank accounts. Select the account that you want to reconcile by clicking on it.

Step 3: Import Bank Statement

To import your bank statement into NetSuite, click on the “Import” button and select the file format of your bank statement. You can also choose to manually enter the transactions if you prefer.

Step 4: Match Transactions

Once the bank statement is imported, you will see a list of all the transactions on the reconciliation page. Compare each transaction with your bank statement and match them accordingly. You can also add new transactions or edit existing ones if needed.

Step 5: Reconcile Transactions

After matching all the transactions, click on the “Reconcile” button to complete the reconciliation process. NetSuite will automatically calculate any differences and display them on the page.

Conclusion

Reconciling bank statements in NetSuite is a simple and efficient process that can save you time and effort. By following these steps, you can ensure that your financial records are accurate and up-to-date.