Bank reconciliation involves comparing imported bank data with transactions recorded in NetSuite to identify corresponding transactions and resolve differences. When there are many transactions to review, determining the appropriate match or reconciliation action can take time.
With Match Suggestions, NetSuite brings likely matches and recommended actions directly into the bank reconciliation workflow. Instead of treating automatically identified matches as completed matches on the Review subtab, you can review the system's suggestions and decide how to proceed.
What Are Match Suggestions?
Previously, the Review subtab on the Match Bank Data page displayed automatic matches when NetSuite identified a likely match using reconciliation rules or AI tools.
In the updated experience, NetSuite provides a Match Suggestions subtab. Here, imported bank transactions are presented together with potential matches and suggested actions. This gives you an opportunity to review a recommendation before you reconcile the transaction.
For users who are new to NetSuite, it is helpful to think of a match suggestion as a recommended next step rather than a completed reconciliation. You remain in control of reviewing the information and deciding whether the suggested action is appropriate.
What You Can Find on the Match Suggestions Subtab
The Match Suggestions subtab can present different recommendations depending on what NetSuite identifies for an imported transaction.
Suggested actions can include:
- Match Transaction – Match the imported bank transaction to a GL transaction using the system suggestion.
- Review Match Options – Review multiple possible matches when NetSuite identifies more than one potential transaction.
- Apply Payment – Create and apply a payment to an eligible open invoice or payable.
- Review Payment Options – Review multiple possible invoices or payables before determining where a payment should be created and applied.
- Create <transaction type> – Create and reconcile an appropriate transaction based on an auto-create rule.
Suggestions may therefore range from a single recommended GL transaction to several potential matches or payment application options for open invoices and vendor bills.
Reviewing a Suggested Match
When working with the Match Suggestions subtab, review the imported bank transaction alongside the information NetSuite provides for the suggested match.
If the suggestion accurately represents the transaction, you can submit the suggested action and proceed with reconciliation.
If the suggestion is not appropriate, you can reject it and continue with manual matching. Rejecting a suggestion does not mean that the imported transaction cannot be reconciled—it simply allows you to use another reconciliation approach.
When a bank transaction has more than one potential match, NetSuite can provide multiple suggestions for users to review before completing the match.
How it works:
- NetSuite identifies eligible GL transactions based on the matching criteria.
- Up to five potential matches may be presented.
- Users compare the suggested transactions and select the correct match.
- If none are appropriate, the suggestions can be rejected and the transaction matched manually.
Why it matters: This helps users resolve ambiguous matches more efficiently, particularly when transactions have the same amount and similar dates, while reducing the risk of selecting the wrong transaction.
Example:
1. Click Review to see match options.
2. Select the suggestion that correctly matches the transaction. Note: The matching suggestion indicates which reconciliation rule applies.
Related SuiteAnswers:
New NetSuite users can find a treasure trove of knowledge in the 'Basic Accounting' category, tailored for their needs. It's a great starting point to familiarize yourself with the platform's accounting capabilities and become more proficient.
