Introduction
Bank reconciliations in NetSuite ERP can sometimes display a difference of zero, yet the general ledger (GL) account balance still fails to align with the bank statement balance. This challenge often arises from hidden reconciliation discrepancies, such as uncleared transactions, duplicate entries, posting errors, or timing differences, that are not immediately visible in the reconciliation summary. For finance teams, accountants, and NetSuite administrators, these mismatches can cause frustration and delays in the financial close process.
To address this, we’ve created a step-by-step bank reconciliation checklist in NetSuite. This practical guide forms the foundation of a blog series on resolving bank reconciliation issues, improving financial reporting accuracy, and ensuring audit readiness. Each checklist item will be explored in detail in upcoming posts, including NetSuite saved search examples and best practices for investigating reconciliation variances.
Checklist for Finding Reconciliation Discrepancies in NetSuite
- Review for Forced Reconciliations
- Ensure transactions were not manually checked to force balance
- Confirm reconciliation records align with actual bank activity
- Audit for Edited or Deleted Reconciled Transactions
- Use saved searches on system notes to detect changes in the cleared field
- Identify deleted transactions that were previously reconciled
- Compare GL Register to Reconciliation Detail
- Detect mismatches caused by direct journal entries, voided checks, or duplicates
- Check for Out-of-Period Transactions
- Compare Transaction Date vs. Cleared Date
- Flag reconciliations that clear items in different periods
- Validate Bank Statement Imports
- Confirm all statement lines are present
- Eliminate duplicates or missing entries.
- Audit Opening and Ending Balances Across Periods
- Confirm opening balances match prior reconciliation ending balances
- Identify continuity breaks across reconciliations
- Perform a Historical Reconciliation Test
- Reconcile historically from the first suspect period
- Review any differences transaction by transaction
Saved Searches to Support the Process
To strengthen this framework, three NetSuite saved searches will be introduced throughout the series:
- Reconciled Transactions Updated After Clearing: Detects reconciled transactions that were later changed or deleted.
- Out-of-Period Cleared Transactions: Flags timing mismatches between transaction dates and cleared dates.
- Reconciliation Balance Continuity Check: Validates that opening balances tie to prior ending balances.
Each saved search provides targeted visibility into different aspects of reconciliation discrepancies, enabling a structured audit of past reconciliations.
Conclusion
This checklist provides a clear framework for addressing bank reconciliation discrepancies in NetSuite, particularly in situations where the reconciliation summary shows zero difference, yet the general ledger (GL) balance remains out of sync with the bank statement balance. Future posts in this series will dive deeper into each step, including NetSuite saved search configuration, advanced bank reconciliation troubleshooting techniques, and proven best practices for month-end close and financial reporting accuracy.
By adopting this systematic approach, finance teams, controllers, and NetSuite administrators can quickly identify reconciliation errors, improve cash management visibility, streamline the financial close process, and maintain confidence that bank and GL balances are accurate, reliable, and audit-ready.
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