Reconciliation Using Bank Match Data

Abstract

NetSuite’s Bank Match Data tool allows users to reconcile ACH debits (bank withdrawls) and credits (payments to vendors) efficiently within their bank account records. As an ACH debit can reference multiple ACH credits, it's critical to be able to match for reconciliation purposes. This guide explains how to use NetSuite's native Bank Match Data in NetSuite to reconcile payments processed through SquareWorks Automate.

Reconcile ACH Transactions Using Bank Match Data

Bank Match Data in NetSuite is a native reconciliation tool used to match ACH debits and credits directly within bank account records. Since SquareWorks Automate batches multiple ACH credits into a single debit, two key identifiers — the Transaction ID and ACH ID — are used to ensure accurate reconciliation.

Follow these steps to reconcile payments:

1. To begin, hover over the Transactions menu, then Bank, and click Bank Match Data. This opens a page where debits pulled via the automated bank feed appear on the left, and credits recorded in NetSuite appear on the right:

2. Next, use the search fields to locate related transactions by entering either the Transaction ID or ACH ID, depending on which value appears in your bank’s memo field.

3. The Transaction ID is generated immediately when a batch is created in SquareWorks Automate. It follows a structured format: <Optional Prefix>-<Transaction Number>-<Credit-Identifier>. For example, ABC-123-1 and ABC-123-2 belong to the same batch, while ABC-124-1 would belong to a different one. The optional prefix is set at the Business Entity level. This ID is available immediately after payment is released. To view it, hover over the Payee Payments menu and click Payment History:

4. The ACH ID is not generated immediately and may take time to be assigned by the ACH network. Once assigned, it is appended to the end of the Transaction Memo field on the Bill Payment in NetSuite. This ID is shared across the debit and all associated credits, serving as a common batch identifier.

5. In the Bank Match Data screen, review the Memo column on the left (debits), which may include either the ACH ID or Transaction ID. On the right (credits), the Memo column shows the ACH ID and the Tran. No column displays the Transaction ID.

6. To begin matching, select the debit on the left side of the screen, which was imported from the bank statement. Then, search for the related credits on the right side, which represent the payments recorded in NetSuite. You can search using either the Transaction ID or the ACH ID.

7. After locating the credits, select all entries associated with the batch. Once selected, click the Match button to reconcile them with the corresponding debit.

Debits on the left > Credits on the right. ACH ID links the two together. Search ACH/Transaction ID on the right hand search bar and proceed with match.

This concludes the process of reconciling payments using Bank Match Data in NetSuite.