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Table of Contents

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Introduction

During an import, the Bank Reconciliation offers the option to match automatically against unreconciled transactions. The matching algorithm that is used, can be defined for each bank account configuration individually. When the matching rate isn’t as expected, the first step is to start identifying why this happens. The matching logic works with a fixed logic and due to this is often easy to identify why the system wasn’t able to identify the expected transaction. We recommend in this situation to start with creating a document where mismatches are recorded with detailed information on why it did not match. After a certain period, this document should give insides in which situations are most often encountered, and based on this information a next enhancement step can be taken.

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Statement ID/Link

Line number

Reason Reasons why it didn’t match

Reaons Reasons why it did select an incorrect transaction

Example ID 1

12

Invoice number prefix was not present in the bank description

Example ID 4

5

Invoice number was only the last 5 digetsdigits

Example ID 6

3

Incorrect amount was paid

Etc.

Etc.

Etc.

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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 help 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.

Investigation incorrect match

When an incorrect match is encountered the first step is checking which setting was responsible for this match. Each bank statement transaction line holds a column that explains why a line did match. Based on this information the user can check if the enabled option does make sense or could investigate what could lead to the outcome data or data present in the description is resulting in an unexpected match of that information inside Netsuite is too general.

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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 created 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.

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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 the date range

The Bank Reconciliation SuiteApp uses a global setting for the date range in which it is allowed to search in your Netsuite system. This setting could lead potentially to no matches if not set wide enough. For example, if the transaction in Netsuite is 40 days in the past but the system is only allowed to match till 30 days in the past the transaction will not be taken into consideration. This date range can be set really wide, but this is not the recommended setting. When setting this date range too wide it could lead to slower import performance or even the situation that the import will fail due to a time-out error. We recommend setting this to a standard value that equals your most common payment term. If this would be 30 we recommend setting the threshold to 35 days in the past to allow some overhead but not too much. An unmatched transaction can still be reconciled manually.

To check or alter these settings you must be an administrator. Navigate to SETUP->COMPANY->GENERAL PREFERENCES subtab “CUSTOM PREFERENCES”. On this page, the following settings are responsible for the allowed date range.

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