Becca Smith from Netgain walks through NetClose's bank reconciliation for NetSuite. It connects to banks via Plaid, auto-matches transactions with confidence scores, and applies cash to invoices and bills. The system posts payments back to NetSuite and tracks reconciliation progress with percent-matched metrics.
Hi, I'm Becca Smith from netgain.
I'm going to be covering one of.
Our most popular features from Suite World.
This year, bank reconciliations.
This feature lives fully within our Net Close product. So first off, we're going to be able to connect your banks. We connect banks through Plaid and that gives us the flexibility to connect to.
Really any bank inside of the US we've tested a lot of these at SuiteWorld and we have yet to find one that we can't find.
So type in your institution, see if it connects and then from there we're.
Going to be able to do the reconciliations.
So starting with matching bank transactions, we're going to pull in your account activity and then we're also going to be.
Able to connect that two transactions here.
Inside of NetSuite that can be on.
A one to one basis, a one.
To many basis, and we do have.
The ability to auto match those as well.
On, on our auto match page, we're.
Going to be showing you the level of probability of a match based off of different rules that you have set.
Up in the system.
This is going to give you a.
Flexible option to have the system go.
Through and check the transactions for you. These of course are also linked.
You also be able to review any matched transactions. So going into this review page, you'll be able to click that unmatch button.
And be able to kind of just review these from one location, also being able to see how they were originally matched.
We also have what we call cash application. What this does is it pulls in your bank activity here on one side, but then it pulls in different bills.
Or invoices on the other side.
If we match these together and there is a difference, the system is going.
To prompt us to either apply a discount or leave a transaction open.
When we actually go in and post.
Bill payments and payments for invoices here inside of NetSuite. So we also have that ability to post real transactions inside of NetSuite, streamline those processes all from one location.
Once you have everything matched up, we want to be able to go and.
Look at a summary of our bank reconciliation.
And so what that looks like, if.
I go in here and pull this.
Up, we're going to have the different types of matches that we have going on GL bank, as well as the differences, an actual roll forward of your.
Reconciliation as well as the percentage matched here. On the a reviewer perspective, you're able to come in here and easily see where you're at with your bank reconciliation.
So that's a quick overview of our bank rec. It does sit inside of Netclose again.
And we are always happy to demo this, so please reach out if you're curious to learn more.
