Bank Data Matching with Intelligent Transaction Matching

TL;DR Opening

When importing bank data into NetSuite, the Intelligent Transaction Matching feature automates the reconciliation process, matching imported bank lines with existing transactions. This enhances accuracy in accounting and speeds up financial processing.

How Does Intelligent Transaction Matching Work?

The Intelligent Transaction Matching feature simplifies the reconciliation process by performing two main tasks based on your predefined rules:

• Automatically matches imported bank lines to existing account transactions.
• Creates new account transactions for unmatched imported bank lines.

This dual functionality helps to streamline bank reconciliations, ensuring efficient financial management.

Steps to Match Imported Bank Lines

To successfully match imported bank lines with account transactions, follow these systematic steps:

1. Import Bank Data: Ensure that your bank data is imported into NetSuite. Refer to the Bank Data Import guide for specific instructions.
2. Navigate to Match Bank Data: Go to Transactions > Bank > Match Bank Data. Select the relevant bank account from the Account list.
3. Review Fields: Once the account is selected, the following fields are automatically populated:
   • Subsidiary (if applicable)
   • Bank Balance, reflecting the latest account statement balance
   • Balance As Of
   • Last Successful Import, indicating the date and time of the last successful import
4. Identify In-Transit Payments: In the Account Transactions grid, look for the in-transit payments marked with the icon. Make sure that one imported bank line matches only one in-transit payment.
5. Filter Data: Utilize filtering options to refine the results in the grid.
6. Select Transactions: On the To Be Matched subtab, check boxes next to transactions from the imported bank lines and account transactions to select them for matching.
7. Match Transactions: Once the difference in amounts is zero, click Match. If the option to create an auto-create rule is enabled, the system will remember this setting for future reconciliations.
8. Mark Cleared Transactions: If some account transactions lack a matching imported bank line, you can manually mark them as cleared for easier tracking.
9. Exclude Selected Items: You also have the option to exclude certain imported bank lines from the matching process.
10. Save Your Progress: NetSuite automatically saves your matching progress, allowing you to complete this process at a later time.
11. Submit Matched Transactions: After finishing your matching, submit the matched or cleared transactions for recording.
12. Review Pending Transactions: Optionally, check the Review subtab to see transactions that are pending submission.

Important Considerations

• Be aware that any editing or deletion of matched transactions will remove their cleared status.
• The Automated Cash Application feature should be utilized before manual matching to generate customer payments from imported bank lines.

Who This Affects

This feature significantly impacts:

• Accountants: For simplifying the reconciliation process.
• Administrators: Configuring reconciliation rules and preferences.
• Developers: Customizing workflows around bank transaction matching.

Key Takeaways

• Intelligent Transaction Matching automates bank line matching.
• In-transit payments have specific matching criteria.
• It is vital to use the Automated Cash Application first for efficiency.

Source: This article is based on Oracle's official NetSuite documentation.