Briefly explain the bank rec process

AI generated answer (using internal Slack threads):

The bank reconciliation process in NetSuite involves comparing your company's financial records with the statements from your bank to ensure they match. This process is crucial for identifying any discrepancies between the two sets of records, such as unrecorded transactions or errors. Here's a brief overview of the process: 1. Import Bank Statements: The first step in the bank reconciliation process is to import your bank statements into NetSuite. This can be done manually or by using the Bank Statement Parser SuiteApp to automatically import your statements. 2. Match Transactions: Once your bank statements are imported, you'll need to match the transactions listed on the statement with the corresponding transactions in NetSuite. This can be done manually, or you can use the Auto-Match feature in NetSuite to automatically match transactions based on certain criteria. 3. Review and Resolve Discrepancies: After matching transactions, you'll need to review any discrepancies between your bank statement and your NetSuite records. This could include transactions that appear on your bank statement but not in NetSuite, or vice versa. You'll need to investigate these discrepancies and make any necessary adjustments to your NetSuite records. 4. Reconcile and Post: Once all transactions have been matched and any discrepancies have been resolved, you can reconcile your bank statement in NetSuite. This will update your NetSuite records to reflect the final, reconciled balance of your bank account. 5. Review and Audit: After the reconciliation process is complete, it's a good practice to review the reconciliation reports and save copies for future reference. This can be helpful in case of any discrepancies or issues in the future. Remember, the frequency of the reconciliation process can vary depending on your business needs. Some businesses may choose to reconcile their bank accounts daily, while others may do it monthly. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******