Discrepancy between Bank Register Balance and Reconciliation Report Balance

Scenario:

•        Navigate to Lists > Accounting > Accounts > clickon Bank account to view Bank Register

•        Navigate to Reports > Banking/Budgeting >Reconciliation > choose the bank account

•        There is a discrepancybetween the Bank Register balanceand the Reconciliation Reportbalance

 

 

Solution:

•        BankRegister balances under Lists> Accounting > Accounts > Bankaccount provides the running balanceof the account.

•        The balance in this windowis the correct balance unlessthere were transactions that were not posted yet in the system but are showingin the Bank Statement. In whichcase, the user will need to encode those transactions into NetSuite.

 

•        In instances where there isa discrepancy between the Bank Register and the Bank Reconciliationas of a certain date, user will need first to get the total discrepancy amount between the two reports.

•        User will also need to:

1.   Navigate to Transactions> Bank > Reconcile Bank Statement

2.   Choose the bank account inthe Account field

3.   Click History

4.   Modify the date range inthe Reconciliation History Report to show all reconciliations

5.   Add the total of Difference

 

•        In most cases, the totaldiscrepancy will match the total amount of Difference in theReconciliation History Report.

•        User needs to correct thosereconciliations with discrepancies to match the Bank Register to the BankReconciliation Report.