Scenario:
We have an Overdraft & Collection (OD) account that is structurally set up as follows:
- Account Type: Other Current Liability
- Parent Account: Other Current Liability (same type, consistent hierarchy)
This account is used actively in transactions, essentially functioning like a normal operating bank account, except its type as a liability because the balance is expected to reflect a drawn borrowing facility for balance sheet presentation purposes.
Our question:
Since NetSuite's native Reconcile Bank Statement feature (Transactions > Bank > Reconcile Bank Statement / Reconcile Account Statement) is only available for accounts typed as Bank or Credit Card, how is reconciliation expected to be handled for an account typed as Other Current Liability that is still transacting like a bank account?
Specifically, we'd like clarity on:
- Is there any native NetSuite functionality that supports statement-based reconciliation for non-Bank/Credit-Card account types, or is this strictly unsupported?
- If unsupported, what is the recommended workaround.
- Is there a recommended alternative structure, for example, keeping the account type as Bank for reconciliation purposes and handling the liability presentation via a period-end reclassification journal entry that avoids losing native reconciliation while still meeting balance sheet reporting needs?
- Are there any known limitations or risks?
Any guidance would be appreciated.
