what is chequing account in netsuite coa

AI generated answer (using internal Slack threads):

In NetSuite, a chequing account is a type of account that you can set up in the Chart of Accounts (CoA). It is typically used to track the transactions related to a company's physical bank account. In the context of NetSuite, the chequing account is a part of the CoA and is used to manage and track the financial transactions related to the company's chequing account with its bank. This includes transactions such as deposits, withdrawals, and bank fees. The chequing account in NetSuite's CoA is typically set up as a bank type account and is used in transactions where the company is either paying out money (like paying a vendor bill) or receiving money (like receiving a customer payment). It's important to note that while you can technically have a single account in NetSuite's CoA to represent multiple physical bank accounts, this is not a recommended practice. It can make reconciliation and tracking of transactions more difficult. The best practice is to have a separate account in the CoA for each physical bank account. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******