Banking / Guide 4

How to Reconcile an Account Statement in NetSuite

Confirm the statement details, review the included transactions, and resolve the difference before closing the reconciliation.

By Jack Ring

Finish the statement, not just the matching

Matching connects bank activity to your NetSuite records. Statement reconciliation is the final review of the transactions included for a particular statement and its ending balance.

Have the bank statement available. Complete the matching process first, or clear transactions against the statement if you are working without imported bank data.

1. Open Reconcile Account Statement

Use the link from Match Bank Data or go to Transactions > Bank > Reconcile Account Statement. Verify the selected bank or credit card account.

2. Verify the statement date and balance

Set Statement End Date and Ending Statement Balance to the values on the statement. Check prefilled values rather than assuming they are correct.

Use the statement's closing balance, not the bank's current online balance. For example, a September reconciliation should use the September statement information even if you are completing it in October.

3. Review the transactions

On Reconcile, inspect the matched and cleared transactions. Use date, type, and search filters to find items. Show Included Only helps you review the current selection.

Check the inclusion boxes against the statement. Transactions recorded in NetSuite but not yet reflected by the bank may remain outstanding. Review the evidence before including an item just because its transaction date falls in the month.

An individual transaction in a match group containing multiple NetSuite transactions cannot be excluded independently. If the group is wrong, return to its match details and correct the grouping.

4. Correct matches or clearing when necessary

The Review tab lets you inspect submitted activity and undo incorrect matches or cleared status. Use the Reconcile tab to choose what is included in the statement reconciliation.

Reviewing and excluding an item from this statement are different from undoing its match. Choose the action that addresses the actual problem.

5. Investigate any difference

Review the reconciliation summary. Work toward a zero difference supported by the correct transactions.

• Compare the statement end date and ending balance with the actual statement.
• Check for missing bank fees, interest, receipts, or payments.
• Look for duplicate entries and incorrect transaction amounts.
• Review deposits in transit and outstanding checks against the statement.
• Confirm the previous reconciliation balance and investigate any earlier unresolved issue.

Suppose a $35 fee appears on the statement but has not been recorded. Verify and record the fee correctly, then clear or match it before returning here. Do not enter an unsupported adjustment solely to force the difference to zero.

NetSuite permits reconciliation with a nonzero difference. That does not establish that the reconciliation is correct. Resolve an unexplained difference before closing the statement.

6. Complete the reconciliation

Review the final selection, click Reconcile, and confirm the Close Statement prompt with OK. Check the date carefully before confirming: it becomes the statement's close date.

7. Check the reconciliation history

Open Reconciliation History Report for the account and relevant date range. Confirm that the completed statement appears. Review the available summary and detail reports and retain the statement and supporting explanations with your close records.

For the next period, keep tracking outstanding items until you can establish what happened to them. An old check or deposit deserves investigation rather than automatic clearing.

References: Oracle: Reconciling Bank and Credit Card Statements and Reconciliation History Report. Menu access and labels can vary by role and account configuration.