Discussions
Stay up-to-date with the latest news from NetSuite. You’ll be in the know about how to connect with peers and take your business to new heights at our virtual, in-person, on demand events, and much more.
New AI Community Guidelines. Please review and follow them to ensure AI use stays safe, accurate, and compliant.
Keep an eye out for upcoming NetSuite events, including meetups, workshops, and webinars. These sessions are a great way to connect with peers, learn from experts, and stay current on the latest NetSuite updates and best practices. Registration links are provided in each event.
Save $30 - limited to first 1,000 registrants
Join the NetSuite community to innovate, connect, and discover what’s next.
SuiteWorld brings thousands of innovators, builders, and leaders together to learn, connect, and shape what’s next. This October, explore how to build a stronger foundation for growth through inspiring keynotes, major product reveals, hands-on sessions, and unforgettable moments—all in one place for our biggest event of the year. Register now
Join the NetSuite community to innovate, connect, and discover what’s next.
SuiteWorld brings thousands of innovators, builders, and leaders together to learn, connect, and shape what’s next. This October, explore how to build a stronger foundation for growth through inspiring keynotes, major product reveals, hands-on sessions, and unforgettable moments—all in one place for our biggest event of the year. Register now
NSC | Best Practices in Modifying Cleared / Reconciled Transactions
If the transaction is still valid and only requires a modification (e.g., change in amount, payee, or memo), it is not recommended to void the transaction. Instead, the user should take the following steps:
- Unmatch or remove the cleared status of the transaction.
- Make the necessary modifications to the transaction.
- Edit the check or payment as needed (e.g., change the amount, update classification fields).
- Re-clear or re-match the transaction.
- Once the changes are saved, re-match or clear the transaction
- Reconcile the transaction as part of the current or next reconciliation cycle.
Understanding how NetSuite handles voided checks under different conditions is crucial for maintaining accurate financial records and ensuring consistency in bank reconciliations. The user should carefully consider whether to void a transaction or simply modify it, based on its status and intended outcome. When in doubt, creating a reversing journal entry and preserving reconciliation history is the recommended approach.
Tagged:
0