On this page, we provide options that potentially can be used to enhance the matching rated
Introduction
During 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.
Creating insights
The first step is to identify the mismatches and see why the mismatch happened. After a fixed period of monitoring the most common situation can be identified and from there it is possible to investigate if there is a potential way to enhance the matching. For recording this information we suggest creating a document with the following layout
Statement ID/Link | Line number | Reason why it didn’t match | Reaons 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 digets | |
Example ID 6 | 3 | Incorrect amount was paid | |
Etc. | Etc. | Etc. |
Investigating mismatches
There are two types of mismatches:
No match, but one was expected
Match present, but incorrect
Both situations require a different approach to investigate and conclude why it did occur. This investigation is in certain situations time consuming but important to do correctly otherwise the steps to improve the system will not provide the expected outcome.
Investigation no match
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. The most common reasons we see as Fast Four are explained below with a suggestion to improve the matching rate.
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 000123. In this situation
The description did not hold any kind of transaction number