Bank Reconciliation

ERP Fast Forward Bank Reconciliation

ERP Fast Forward Bank Reconciliation allows NetSuite users to import a bank statement for easy creation of bank transactions and bank reconciliation. One tool, one page to manage all bank transactions. A huge timesaver for every NetSuite customer.

ERP fast forward Bank Statements is certified Built-for-NetSuite which means it adheres to NetSuite development principles and is tested on every new release. The SuiteApp is used in 13 different countries and can also be used for reconciliation of payment gateway accounts.

Key Benefits

  • Simplify your bank reconciliation, all bank transactions are presented in one overview from where they can be processed
  • Bank transactions are matched with open NetSuite transactions and payments are automatically created
  • Set custom matching rules to enhance auto-matching
  • Handle payment differences with just one click
  • In case no open transactions are found, cheques or journals can be created from the same screen by selecting an account and entity
  • Enter bank statement balance to automatically reconcile NetSuite bank balance

Feature List

  • Import CSV bank statement to eliminate manual entry and reduce errors. Almost all csv-based formats can be configured.
  • Other import formats such as xml upon request
  • Auto-matching of open bills, invoices, expense reports, journals, vendor credits and credit memo’s based on invoice number in payment description
  • Auto-matching of a payment on multiple open transactions
  • Ability to set custom matching rules, for example ‘if description contains “salary”, create a journal to GL account XYZ’
  • Easy reconciliation, it’s just a matter of completing all statement lines and verifying that the statement balance matches the NetSuite balance
  • Automatic creation of payments, the following transaction types:
    • Customer Payment
    • Bill Payment (for vendor bills and expense reports
    • Check
    • Journal Entry
    • Customer Refund
    • Vendor Credit
    • Deposit
    • Customer Deposit
  • Handling of foreign currency payments, automatically calculating the exchange rate used by the bank
  • Manual matching: show open transactions per customer/vendor and easily select the transactions that were paid
  • Manual matching: search transactions based on transaction number, PO/check number, date range and amount range
  • Book payment differences with one-click, for example bank charges, payment discounts, over/underpayments or exchange rate differences.
  • If the csv bank statement contains additional information, it can be copied on any field on the resulting payment transaction. For example a check number or a reference number from a payment gateway
  • Match a bank statement line against a payment batch from NetSuite Electronic Payments
  • Support for NetSuite classifications Department, Class and Location
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