Reconciling transfers between Bank Accounts

The following instructions are useful in dealing with reconciling bank transfers between different Bank accounts. 

1. Setting up a GL account for Funds in Transit or Transit Account (if required)

1. If not set up already, set up a transit GL account
2. Go to Lists > Accounting > Accounts
3. Click on New
4. Give the GL an appropriate name and number
5. The type will be Other Current Asset 
6. If you operate in the same currency, you only need to create 1 account and this is linked to the base currency of the subsidiary 

2. Reconciling the payments

1. When selecting the transactions from the bank reconciliation, select the GL as created above from both bank accounts involved in the transaction
2. Both transactions to the GL should be equal and opposite and the balance of the GL at 0 once both transactions are reconciled

3. Transfer of funds with different currencies.

1. Complete steps 1 and 2 above.
2. Its likely the exchange rate selected by NetSuite is the transaction the bank statement is reconciled and is not the same as the rate used on the transaction

3. Inter-company transfers

1. Open the popatically filled in.