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Hello! I am looking to implement an official month...
# general
w
Hello! I am looking to implement an official monthly bank recon in NetSuite. We currently use the Bank Reconciliation feature daily to balance N/S to our bank account. I cannot figure out how to validate the entries in N/S for a month end close, however, and perhaps this is due to an error in how I’m thinking about this process. How do others handle the daily and monthly bank recons in NetSuite?
k
Bank Rec or Account Rec?
Account Rec is imported online statements only - Bank Rec is the more manual method where you don't import online transactions
w
Hmm, how does NetSuite differentiate? To me, those are semantics. We use the Bank Recon to do a our daily matching. We do not use the Account Recon/Match function, but I would like for us to move there
k
Are you getting $0.00 differences for each day in your method?
w
Yes
k
Any period/date mismatches on cash transactions?
Short version is those will blow up your ability to reconcile.
w
No
We seem reconciled
everyday
k
What's the trouble then?
w
What I'm hoping to do is implement an additional monthly recon as part of a month end close process i'm developing
k
Oh.
as in a "hey, not only do we match daily, we match monthly"?
w
Exactly!
k
Yeah. Uh. Good luck.
w
While I understand the thought of "well we match daily, so we match monthly" the audit side of me says, welllll lol
So our current process is my controller does a daily recon, which i'm good with as myself and the rest of management use that to know our cash position
as a check and balance, i'd like to do a monthly review, myself, as a 2nd person reviewing
k
I normally suggest clients download excel and PDF copies of their reconciliation reports and then if something gets out of whack- it's helpful if someone ever bones a transaction.
w
maybe this 2nd review isnt a netsuite's thing, but a manual review?
k
You'd probably need a more enterprise level tool, such as blackline
(which integrates with NetSuite)
You'd definitely have to do something outside of NetSuite to do what you are wanting
w
got it, okay! lol
this makes me feel slightly better for trying to pull my hair out thus far
k
Blackline does a bunch of other cool things, but they are $$$
w
so NS suggests doing the daily recon, not a monthly, right?
k
I'm not sure what the NS stance is.
There are plusses and minuses to either side.
I personally prefer monthly - but if your volume is high enough, or you can really lock down on transactions/errors daily has some big plus sides in terms of making it more manageable
However, there's no checks and balances on this aside from making sure the person doing the bank recs can't edit/approve transactions and so forth.
w
so how do we see the daily bank balance if we do a monthly instead of our daily?
i'd prefer monthly, as well, as it's what i'm used to
a
Floqast is another tool worth looking at if you don't require all the extras Blackline has to offer.
w
okay, thanks!
sorry, one more thing. did you see my question about the daily bank balance when you do a monthly recon?
that's the item that the rest of management wants to see, and our understanding is that we need to do a daily recon for the daily bank balance to match
k
I think the account rec is a bit better than the bank rec at doing that. If you have a sandbox you can play around with it a bit.
w
okay, cool!
we do have a sandbox
k
The other thing you could do - is just save your bank rec over and over again for the month
With the bank rec method - there's no harm/foul to doing that
w
got it
k
Account rec - you import and match up your transactions, but don't save it until the end of the month.
a
if i remember correctly, you might have to check a box on the GL account to make the account appear for the account rec module.. i dont believe you can do both
if youre going to test both methods in sbx
k
Yeah - for testing purposes, I would swap 1 account and set it up correctly, including getting your electronic banking data imported
w
so we can import transactions, but don't match them. the importing them is what affects the daily bank balance, but the matching it is what does the "recon"?
so we could import daily, have an accurate available balance, and then do a monthly recon?
where we cleared them all
k
To clarify - importing online banking data is a non posting transaction
the transactions still have to be created.
w
but they don't have to be cleared daily
k
and you'd still match them - you just wouldn't post the completed bank rec until the end of the month.
w
okay, i think i follow
k
I'd suggest reviewing the training materials on account rec. It's a little bit more than just checking a box and using a different page
w
yeah, i've been rabbit holing on it lol
that's why i came to Slack 😂
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