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Process Bank Transactions

ZoneReconcile is an automation (time-saving) and reconciliation tool.

It automates generating transactions in NetSuite (customer payments, bills, deposits etc.) that otherwise have to be done manually.
It saves time while searching for the right transaction that was paid, as well as saving time creating that transaction.
During importing the bank statement the Description field on the statement will be evaluated whether it contains valid invoice/bill numbers. The tool looks for any open transactions in NetSuite with the same invoice number and checks whether the amounts match.

  • If the invoice (open) amount is higher than the amount on the statement, NetSuite will assume it is a partial payment and will process it as such.
  • If the invoice (open) amount is less than the amount paid, then NetSuite will match it to the invoice but mark it to be processed.
  • If the invoice (open) amount equals the amount paid, then that line will be marked to be processed.

Processing the bank statement is done on submit, so without submitting the statement, no transaction gets posted in the system.

The Select checkbox is an important checkbox on the statement. First, the select checkbox determines whether the line should be processed upon save. So leave it blank if you are keeping the line open for later.
Secondly, once you select it, some fields are sourced on the line that are used in validation and processing that line. Therefore it is good to start with selecting that checkbox.

After changing the Name field, the Amount field, or clicking the checkbox under T, a popup opens. This popup is meant to easily search for open transactions in NetSuite, and match them with a line on your bank statement.

Should there be a customer or vendor selected that has invoices/bills in multiple currencies, then the popup will show a different set of columns 'Payment Transaction Currency', 'Payment Base Currency', and 'Exchange Rate'.

For various reasons, users may record payments outside of ZoneReconcile. Therefore an option is added to the popup: Show Closed Transactions. When clicking, the screen will refresh and show all closed transactions with this entity, that are not yet attached to a bank statement. Selecting the line will attach the payment to the bank statement. After the bank statement is submitted, the existing payment will be modified in two ways: the Date will be set to the date of the statement line, and the Account is set to the bank account.

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