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Introduction

Import setup

Bank Account configurations must be setup prior import of bank statements. In the event of handling high volume statements, it is recommended to create a Multiple Statement Configuration. The setup of the Multi configuration provides the option to split one single statement file into smaller chunks of bank statements.

The parameter that permits this behavior is the “Transactions per statement“ field. Recommended value to store as “Transactions per statement“ is 300. A simple example is a statement file of 5000 statement transaction lines. If uploaded using the Multiple statement configuration, the system will split the statement into 17 single bank statements, each of them holding up to 300 transactions. Exception is the last statement, which will hold 200 transactions. If imported without a defined value of TRANSACTIONS PER STATEMENT, the upload can result into “Execution time” error.

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When the configuration is completed, two directions can be followed to import a statement:

1. Manual import - Import a statement and

2. Auto-processing of statements - Auto processing Bank Statement files that are in the file cabinet

Recommended approach is to configure auto-processing of bank statements through the File Cabinet. Multiple set of Folders can be created to house the statements subject to be processed (imported).

Items to take into consideration:

• Import statement only when all invoices are created in NetSuiteSplit the statements by defined number of lines per statement

• Investigate if the lines in statements can be grouped into a batch

Matching setup

Multiple matching options are available within the ZoneReconciliation tool:

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Before diving into using them all simultaneously, be aware the following items:

• If all matching options are enabled, the matching algorithm will be slowed down

✔️ To resolve:

Make sure there is a unique identifier on the

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transaction (Open or Closed) that is also available in the statement file. The tool can handle high volumes if there is a 1:1 match between the NetSuite transaction and the Payment listed in the statement. If this condition is met, make sure to limit the Matching preferences only to:

• MATCH OPEN ON DOCUMENT NUMBER OR PARAMETERS or

• MATCH CLOSED ON DOCUMENT NUMBER/PARAMETERS

Keeping one of these matching preferences under the Bank account configuration, will speed up matching.

• Handling a large time frame of transactions to match, processing will be slowed down and the import can result into Execution time error too

✔️ To resolve:

Think about the time window in which you would like to match transactions against (30 days prior is the recommended value (or less)). Limiting the timeframe can be reached through Setup > Company > General Preferences > Custom Preferences:

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• If you are handling only one type of closed transaction, the matching can be significantly improved by adjusting the Closed Transactions Saved Search

✔️ Steps to take:

Navigate through Reports > Saved Searches > All Saved Searches > allocate the BS TR C AC Saved Search > Edit > Narrow down the criteria to best match your scenario (limit the date, type of transactions etc.) > Save the Saved Search using a different name prefix >Make sure you copy the new internal ID of the saved search and store it the General preferences as follows:

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• Disable matching on import, enable Single-value matching for high volume Bank Accounts

✔️ Steps to take:

To further automate the matching process, get full advantage of the Single Value Matching setup. Steps on proper configuration can be found on the following link Single value matching. Before continuing with the setup, make sure Disable automatic matching is enabled under the Bank account configuration:

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• Define matching requirements AND number of transactions to be matched on for that particular matching preference

• Investigate current matching success by creating the SS of Bank Statement Transaction:

  • criteria: matching reason is none of None

  • results:

    • matching reason - summary type: Group

    • internal ID - summary type: Count

  • sort by: internal ID with “Descending” marked

• Can you use one of scheduled matching/single value matching?

• Bank Rec can handle high volume if there is a 1:1 match between invoice and payment based on the unique identifier mentioned above

• Disable matching on import, enable single-value matching for the high volume bank accounts

• Limit the matching to 30 days in the past, or less if there are many open transactions in the system

• Create reminders to know which statements are fully matched and which statements have a few lines left (that likely have to be handled manually)

• Describe a step-by-step bank rec process for the user to follow

Processing setup

• Is EFT payments being utilised? How many payments per batch?

• What type of transactions are being created? What UE scripts are attached on those record types?

• How many scheduled processed are running in your account, can BR scripts have elevated priority?

• Consider purchasing SC+ licence?

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