When you do bank rec for the first time, that last reconciled amount is 0, so there is a difference. Is that an issue? Is there a best practice surrounding this?

AI generated answer (using internal Slack threads):

When performing a bank reconciliation for the first time, it is normal to have a last reconciled amount of 0. This is because there are no previous reconciliations to compare against. The difference that arises is not an issue, but rather a reflection of the transactions that have occurred since the last reconciliation (which in this case, is none). As for best practices, it is important to ensure that all transactions are accurately recorded and that the bank statement is thoroughly reviewed. Here are some tips: 1. Ensure all transactions are recorded: All transactions that affect the bank balance should be recorded in NetSuite. This includes deposits, checks, and other types of transactions. 2. Review the bank statement: The bank statement should be reviewed in detail to ensure that all transactions are accurately reflected in NetSuite. Any discrepancies should be investigated and resolved. 3. Reconcile regularly: Regular reconciliation helps to identify and resolve discrepancies in a timely manner. This can help to prevent larger issues down the line. 4. Keep records: It is important to keep records of all reconciliations. This can help to identify trends and patterns, and can also be useful for audit purposes. Remember, the goal of bank reconciliation is to ensure that the bank balance in NetSuite matches the actual bank balance. Any differences should be investigated and resolved. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******