solutions for reconciling multiple subsidiaries with one bank account

AI generated answer (using internal Slack threads):

Based on the conversations, reconciling multiple subsidiaries with one bank account in NetSuite can be a complex process due to the nature of how subsidiaries and bank accounts are handled in the system. Here are some key points to consider: 1. Subsidiaries are separate entities: Each subsidiary in NetSuite is considered a separate legal entity with its own balance sheet, bank accounts, etc. This means that if one subsidiary sends money to another, one subsidiary becomes indebted to another. 2. Bank accounts are specific to subsidiaries: When creating a bank account in NetSuite, you cannot select multiple subsidiaries or tick the "Include children" box. This implies that each subsidiary must have its own bank accounts. This is also the case for credit card accounts. 3. Intercompany transactions: If you're transferring money between subsidiaries, you'll need to do intercompany entries. If you have the Intercompany AP/AR accounts configured and set as the defaults under Accounting Preferences, you can use the Auto Balance feature for NetSuite to make the offsetting posting for each entity. 4. MultiSubsidiary customers: If you have customers that are in multiple subsidiaries, you can choose to use MultiSubsidiary customers. However, this depends on the features you are looking to use. For example, if you want to use the SuiteSolution Consolidated Invoicing you cannot turn this on. If you want to use Consolidated Customer Payments - then you MUST turn it on. Remember, these are general guidelines and the specific process may vary depending on your organization's specific needs and setup. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******