How to Enable the Updated NetSuite Bank Reconciliation Process

NetSuite 2020.1 brought with it various new features and enhancements to existing features for users. One such improvement is NetSuite’s updated bank reconciliation process! This feature works out of the box with most major U.S. and Canadian banks, but a plug-in is needed for banks in other countries. Here’s a quick overview of how to take advantage of the NetSuite feature.

First, users should enable the updated bank reconciliation process in NetSuite. Navigate to Setup -> Accounting -> Chart of Accounts, and click on the bank account you would like to enable for the new bank reconciliation process. Mark the Use match bank data and reconcile account statement pages, and then save. Do note that when you enable the Use match bank data and reconcile account statement pages, the bank account will not show up on the Reconcile Bank Statement Page (like in the old method).

Next, users will transform the BAI2 file from the bank portal. Once the BAI2 file is downloaded from the bank portal, add the file extension “.txt” on your computer, and then save.

From there, you can upload the file to NetSuite and match bank data with the NetSuite transactions (which can be done in batches). Once the match bank data page is submitted and processed, you can reconcile account statement and then create reconciliation rules (out-of-the-box rules as well as custom rules) to auto-match bank data.

The new process is an improvement for NetSuite users. To read about NetSuite’s recent releases, go here. For a detailed step-by-step process with screenshots displaying how to leverage NetSuite’s updated bank reconciliation process – or to speak with FMT about NetSuite support tailored to your needs – contact FMT Support here!