The NetSuite integrated business management solution has so many features and capabilities, that it can be easy to overlook the benefits of the ERP’s basic functionality. If you are a current NetSuite user, this series of articles is designed to highlight some native features of the ERP solution. If your organization’s technology system does not offer these capabilities, we encourage you to contact the GYF ERP Solutions Team to learn more about NetSuite.
Reconciling bank and credit card accounts each month is an imperative internal control for all companies. NetSuite’s recently refreshed Account Reconciliation features enable users to easily reconcile bank accounts and credit cards and quickly identify transactions that need to be reconciled.
Automatic Import of Transactions
NetSuite’s Bank Feeds SuiteApp was released to enable participating banks to be connected directly into NetSuite to bring bank transactions into the system without manual user intervention. Most banks across North America are supported with this SuiteApp and can be easily linked. Alternatively, if your bank is not supported for security reasons, NetSuite accepts multiple file types for a simple download and import from your bank.
Automatic Reconciliation Rules
Reconciliation rules can be created in NetSuite’s Account Reconciliation page to automatically match certain bank transactions to their corresponding NetSuite transaction. This process can be useful for repeated transactions that happen on a scheduled basis, or for transactions that are easily matched based on amount and entity name.
Simple Transaction Creation
For those transactions that originate from the bank, such as bank fees, NetSuite’s Account Reconciliation lets you easily create these transactions while performing your reconciliation. You can add a new journal entry, charge or deposit, and then match it appropriately without leaving the reconciliation screen.
NetSuite’s OneWorld solution streamlines financial management and reduces IT costs, allowing you to manage a multitude of entities with a unified platform, and perform critical month-end processes with ease. Each NetSuite component is modular, enabling it to be deployed and integrated with existing investments as required to easily scale and future-proof your business with an agile platform that evolves as your needs change. Contact a GYF ERP Consultant at 412-338-9311 to maximize the return on your technology investment.
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