NetSuite’s Enriched Bank Data can improve transaction matching by using additional transaction details extracted with generative AI. This is particularly useful when standard reconciliation rules identify multiple potential matches and cannot clearly distinguish between them.
How Enriched Matching Works
This feature is enabled by default. Administrators can enable or disable it by:
- NetSuite: Navigate to Setup > Company > Enable Features > Accounting. Under Advanced Features, look for Enriched Bank Data.
- NetSuite Next: Open the Explore menu(hamburger icon on the bottom left corner beside the Home button). Navigate to Setup > Company > Enable Features > Accounting. Under Advanced Features, look for Enriched Bank Data.
NetSuite
NetSuite Next
When Enriched Bank Data is available, NetSuite can use additional information to help identify the most likely GL transaction, including:
- Entity information extracted from imported bank transaction details
- Amount and currency
- Date proximity, including eligible GL transactions within the applicable matching window (GL transaction date 7 days or less before the bank date)
- Transaction information such as names and memos that can help associate the bank activity with the correct record
NetSuite applies this additional information after considering the standard reconciliation criteria to help resolve otherwise ambiguous matches.
Tip
Matches that use generative AI-enriched data are visually identified on the Match Bank Data page. This allows administrators and reconciliation users to recognize when enriched information contributed to a suggested match.
Even when NetSuite provides an enriched match, users should still review the suggested GL transaction before submitting the reconciliation. AI-enriched information assists the matching process but should not replace transaction-level validation.
Why It Matters
Enriched matching can reduce the manual effort required when multiple transactions have similar amounts, dates, or descriptions. For administrators, understanding this behavior can also help explain why NetSuite may suggest a transaction that standard reconciliation rules alone could not uniquely identify.
Key Takeaway
Enriched Bank Data adds another layer of intelligence to NetSuite’s transaction-matching process. It can help resolve ambiguous matches while keeping the final reconciliation decision with the user.
Related SuiteAnswer: 1045496 | Enriched Bank Data for Transaction Matching
Stay tuned for more articles exploring NetSuite’s AI features, with practical tips and best practices to help you maximize their value.
