Bank Reconciliation

Reconciling Bank Statement

SuiteAnswers ID – 7587

Reconcile your bank statement against your bank account register to keep your NetSuite account accurate.

You can manually mark transactions as cleared in the check register if the items have cleared the bank but do not yet appear on a statement

Go to Reports > Financial > Chart of Accounts. Click the name of the account. Check the box in the Clr column if a transaction is cleared, but not yet reconciled.

Note: A manually cleared transaction is not associated with a statement date and will not appear on a Bank Reconciliation Report. The account register shows if a cleared transaction is reconciled and identifies the reconciliation date. Transactions that need reconciliation have a Reconcile link in the Reconcile column.

When you reconcile a bank account, all reconciled transactions are automatically marked cleared. Transactions must be both cleared and reconciled before closing a period.

From the Reconcile Bank Statement page, you can perform the following actions:

Reset - remove all unsaved changes
Hold -save your bank reconciliation to work on later
Refresh - refresh the information on the page
History - view list of completed bank reconciliations
Delete - delete the bank reconciliation
Go to Register - go to the register for the account

To reconcile your bank statement:

Go to Transactions > Bank > Reconcile Bank Statement.
In the Account field, select the bank account you are balancing.
The Last Reconciled Balance field provides the balance of this account from the last time you reconciled your bank statement.

In the Statement Date field, enter or pick the date of the statement.

In the Start Date field, enter the beginning of the reconciliation period. Unreconciled transactions before this date do not display on the subtabs.

In the Ending Statement Balance field, enter the closing balance on the statement.

The Reconciled This Statement field updates as you check the reconcile box next to transactions. The Difference field keeps track of the difference between the Statement Balance and the combined amounts of the Last Reconciled Balance field and Reconciled This Statement field.

Holding a Reconciliation

SuiteAnswers ID – 7582

You can hold a bank or credit card statement reconciliation until you are finished processing it. By holding a reconciliation, NetSuite saves it for you until you return to submit or print it.

To hold your reconciliation, click Hold on the Reconcile Bank Statement or Reconcile Credit Card Statement pages. When you return to finish reconciling your statement, your previous transactions remain selected. When you place a bank reconciliation on Hold, make note of the date. Transactions marked reconciled and placed on Hold remain unreconciled until they are saved, although viewing the transactions in the bank register show the reconciliation date as the Bank Reconciliation date.

Other related topics:

1)      Correcting a Bank Reconciliation Report – SuiteAnswers ID 7579

2)      Reconciliation Summary Report – SuiteAnswers ID 7586

The Reconciliation Summary report summarizes the reconciled and unreconciled items for a bank account.

3)      Reconciliation Detail Report – SuiteAnswers ID 7584

The Reconciliation Detail report displays a list of the reconciled and unreconciled items for a bank account for a statement date. It lists all transactions for the time period of the statement, the amounts of each transaction, for both cleared and uncleared items.

4)      Reconciliation History Report – SuiteAnswers ID 7585

The Reconciliation History report lists the completed reconciliations for a bank account in the date range specified. Use this report to view statement balances, link to the detail report for each reconciliation, and track historical reconciliation data for auditing purposes. This report is critical for companies who need a paper trail to show that current and historical data is accurate and complete.

5)      Entering Transactions While Reconciling – SuiteAnswers ID 7581

When reconciling your bank or credit card statement, you can enter new transactions that are not previously recorded.

6)      Deleting a Reconciliation – SuiteAnswers ID 7580