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When a bank statement transaction line isn’t matched, the first step is identifying the expected transaction. If this does exist in Netsuite the next step will be to investigate how the matching for the bank account is set up. To retrieve this information navigate in the main menu to SETUP->BANK RECONCILIATION->BANK ACCOUNT CONFIGURATION. Open in this list the bank account configuration that is related to the bank on which the match didn’t happen. On the bank account configuration, there are several matching options and each of them will have different behavior. As a user, you most likely will see the logic why you were able to find the correct match and this logic must be compared to the applied matching rules. If for example, your expectation is that it should match the amount and this function is not enabled the root cause is simple to adjust.
The rules the Bank Reconciliation provides are explained on the setup record, but this information can also be retrieved by triggering the field level helped from the checkbox. To trigger this simply click on the field name.
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The most common reasons we see as Fast Four are explained below with a suggestion to improve the matching rate.
Resolve no matching
The transaction number in the description from the bank is not containing the prefix used in Netsuite
An example for this would be: INV-000123 is in the description from the bank actually 000123. In this situation, an option could be to extend the Netsuite system and the bank reconciliation matching parameters. We only recommend taking this action when there are multiple occurrences present in the created insights document. Creating this additional matching option exists out of 2 steps.
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Save the configuration and directly create the next entry. In this entry type directly in the field labeled “Transaction Field Id” the value “tranid” and save. This must be done otherwise the system will only use your newly crated field due to the fact that this custom configuration will overwrite the standard logic. From this moment onward the system will check not only the standard transaction ID from Netstuite but also your customized transaction ID field and matching should increase.
Resolve incorrect matching
The description did not hold any kind of transaction number
When there isn’t any reference provided by the customer or payee then the match on document number will not be able to find any positive matches. At this point, a potential step forward could be to match on the amount. For match on the amount the Bank Reconciliation does provide 2 options
Match open/closed on exact match of amount within date range
Match open/closed on entity name and match open/closed transactions for that entity
We recommend using the second option when possible. This option does require that the bank does provide a counterparty name, if this is not present the system can not use this matching option. The match on an entity does bring a self-learning algorithm that understands automatically that a specific name from the bank could be different inside your Netsuite account, so this means that when enabled the system will become better over time in matching.
The first options should only be used if you are certain that amounts a pretty unique otherwise this rule could lead to incorrect or unexpected matches. With this option, the system only looks at the amount and does not take the entity into consideration.
Transaction not within date range
The Bank Reconciliation SuiteApp