In NetSuite, users may occasionally need to make changes to a previously reconciled bank transaction. A common example is when a transaction needs to be edited—for instance, to split the amount between different accounts. However, if the transaction belongs to a period that has already been reconciled, editing it can automatically unreconcile the transaction.
Typically, NetSuite requires you to delete the entire reconciled period in order to reprocess the transaction within the same timeframe. This approach, though functional, can be problematic because it affects a large number of previously reconciled transactions, thereby increasing the risk of errors or inefficiencies.
Thankfully, there is a way to re-reconcile a bank transaction without deleting the entire reconciled period. Follow the steps below to achieve this:
Step-by-Step Instructions:
1. Rematch the Imported Bank Transaction:
Navigate to the Match Bank Data page.
Locate the edited NetSuite transaction.
Re-link it with the correct imported bank transaction.
Click Submit to confirm the rematch.
2. Temporarily Disable Bank Data Matching Features:
Go to the Chart of Accounts.
Edit the bank account associated with the transaction.
Uncheck the boxes for:
Use Match Bank Data Reconcile Account Statement Pages
Note: This step is not possible if there are still pending matched transactions. Ensure the Match Bank Data page is cleared before proceeding.
3. Access the Old Reconciliation Tool:
Navigate to the Reconcile Bank Statement page (legacy reconciliation tool used prior to NetSuite 2021.1).
4. Choose the Bank Account:
Select the same bank account that was previously reconciled.
5. Set the Reconciliation Date:
Enter the same statement date used during the initial reconciliation.
The Ending Statement Balance will automatically populate based on this date.
6. Re-Reconcile the Transaction:
On the list of transactions, check the Reconcile box next to the edited transaction.
7. Save the Reconciliation:
Click Save to finalize the process.
8. Re-Enable the Matching Features:
Go back to the Chart of Accounts.
Edit the bank account again.
Re-check the options for:
Use Match Bank Data Reconcile Account Statement Pages
