Bank reconciliation often involves reviewing imported bank or credit card transactions and matching them with transactions already recorded in NetSuite. For transactions that NetSuite can match with a high degree of confidence, the Automatically Accept Exact Matches preference can reduce the amount of manual review required.
To access this preference:
- NetSuite: Navigate to Setup > Accounting > Accounting Preferences. Under General subtab, look for Bank Matching and Reconciliation section.
- NetSuite Next: Open the Explore menu(hamburger icon on the bottom left corner beside the Home button). Navigate to Setup > Accounting > Accounting Preferences. Under General subtab, look for Bank Matching and Reconciliation section.
NetSuite
NetSuite Next
What Does Automatically Accept Exact Matches Do?
The Automatically Accept Exact Matches preference allows NetSuite to automatically accept eligible bank and credit card match suggestions during bank reconciliation.
This preference is enabled by default.
Eligible suggestions include:
- Transaction-match suggestions
- Match-group suggestions
- Suggestions generated by system reconciliation rules
- Suggestions generated by user reconciliation rules
Instead of requiring a user to manually accept every eligible match, NetSuite can automatically process qualifying high-confidence matches.
Example
Suppose an imported bank transaction corresponds to a transaction already recorded in NetSuite.
Imported bank transaction: $1,000 customer payment
NetSuite transaction: $1,000 customer payment
If NetSuite determines that the transactions satisfy the applicable matching criteria and the suggestion is eligible for automatic acceptance, the match can be accepted without requiring the user to manually select it.
Transactions that do not qualify for automatic acceptance can still require review during reconciliation.
Why Use This Preference?
Automatically accepting eligible matches can help accounting teams:
- Reduce repetitive reconciliation work
- Process large volumes of bank transactions more efficiently
- Focus attention on transactions that require investigation
- Reduce the number of straightforward matches requiring manual action
The preference can be particularly useful for accounts with frequent and predictable transaction activity.
What Should You Consider?
Automatic matching works best when reconciliation rules accurately reflect your organization's transaction patterns.
Before relying extensively on automatic acceptance, become familiar with the system and user reconciliation rules used for your bank accounts. Organizations should also consider their internal review and reconciliation controls when determining how much automation to use.
After changing reconciliation preferences or rules, reviewing the resulting matches can help confirm that the configuration is producing the expected results.
Visit the Basic Accounting section under the New to NetSuite category to explore a range of beginner-friendly guides that walk you through essential accounting features in NetSuite.
