<!-- wp:paragraph {"style":{"typography":{"fontStyle":"normal","fontWeight":"400"}}} --> <p style="font-style:normal;font-weight:400"></p> <!-- /wp:paragraph --> <!-- wp:paragraph {"style":{"typography":{"fontStyle":"normal","fontWeight":"400"}}} --> <p style="font-style:normal;font-weight:400"><strong><em>Account reconciliation is a time-consuming</em></strong>, resource intensive process. Use of spreadsheets can lead to costly errors, delay the financial close, and add to the accounting team’s workload. NetSuite Account Reconciliation helps by automating reconciliation compliance and transaction matching processes, providing one place to manage and view the status and details of each account with balance comparisons, preparers, reviewers, and sign-off dates. Now, organizations can effortlessly compare the general ledger, bank records, and other data sources to investigate discrepancies. The result: A faster close, reduced compliance risk, stronger internal controls, and timely and accurate financial statements.</p> <!-- /wp:paragraph --> <!-- wp:paragraph {"align":"left","style":{"typography":{"fontStyle":"normal","fontWeight":"400","textDecoration":"underline"}},"fontSize":"medium"} --> <p class="has-text-align-left has-medium-font-size" style="font-style:normal;font-weight:400;text-decoration:underline"><strong>Reconciliations</strong></p> <!-- /wp:paragraph --> <!-- wp:paragraph {"style":{"typography":{"fontStyle":"normal","fontWeight":"400"}}} --> <p style="font-style:normal;font-weight:400">Ensure accounts are properly reconciled using the correct<br>format, with complete justification and logic behind any<br>adjusting entries. Keep the entire team on track with an<br>approval workflow that captures evidence of signoffs and<br>email notifications.</p> <!-- /wp:paragraph --> <!-- wp:paragraph {"style":{"typography":{"fontStyle":"normal","fontWeight":"400"}}} --> <p style="font-style:normal;font-weight:400"><br><strong><em>• Automate reconciliations.</em></strong> Direct integration with NetSuite<br>transactions allow you to further automate reconciliations<br>for bank accounts, credit card transactions, intercompany <br>transactions, accounts payable, accounts receivable, and<br>similar accounts. The ability to drill back to NetSuite allows<br>accountants to easily address any reconciling items.</p> <!-- /wp:paragraph --> <!-- wp:paragraph {"style":{"typography":{"fontStyle":"normal","fontWeight":"400"}}} --> <p style="font-style:normal;font-weight:400"><br><em><strong>• Flexible formats and templates.</strong></em> Get started quickly using<br>prebuilt formats based on best practices or create custom<br>formats to address your unique requirements.</p> <!-- /wp:paragraph --> <!-- wp:paragraph {"style":{"typography":{"fontStyle":"normal","fontWeight":"400"}}} --> <p style="font-style:normal;font-weight:400"><br><em><strong>• Audit support and compliance</strong></em>. A secure document<br>repository that ensures reconciliations are not altered<br>or lost provides global auditability. Evidence for reconciliations is audited and logged in the application to meet your compliance needs.</p> <!-- /wp:paragraph --> <!-- wp:paragraph {"style":{"typography":{"fontStyle":"normal","fontWeight":"400"}}} --> <p style="font-style:normal;font-weight:400"><br><strong><em>• Flux analysis. </em></strong>Provides an explanation for balance<br>changes over a given time period, whether it’s a<br>month-over-month, quarter-over-quarter, or<br>year-over-year comparison.</p> <!-- /wp:paragraph --> <!-- wp:paragraph {"style":{"typography":{"fontStyle":"normal","fontWeight":"400","textDecoration":"underline"}},"fontSize":"medium"} --> <p class="has-medium-font-size" style="font-style:normal;font-weight:400;text-decoration:underline"><br><strong>Transaction Matching</strong></p> <!-- /wp:paragraph --> <!-- wp:paragraph {"style":{"typography":{"fontStyle":"normal","fontWeight":"400"}}} --> <p style="font-style:normal;font-weight:400">Automate transaction matching to support balanced<br>comparison reconciliation processes, including intercompany,<br>subledger, credit card, and bank reconciliations. Begin the<br>matching process by importing transactions, then execute<br>the auto-match process, confirm suggested matches, and<br>create manual matches as needed.</p> <!-- /wp:paragraph --> <!-- wp:paragraph {"style":{"typography":{"fontStyle":"normal","fontWeight":"400"}}} --> <p style="font-style:normal;font-weight:400"><br><strong><em>• High-volume transactional reconciliations. </em></strong>The auto match engine matches millions of transactions in minutes and directly integrates with period-end reconciliations.</p> <!-- /wp:paragraph --> <!-- wp:paragraph {"style":{"typography":{"fontStyle":"normal","fontWeight":"400"}}} --> <p style="font-style:normal;font-weight:400"><br><strong><em>• Auto-suggested matching.</em></strong> The intelligent auto-match<br>feature speeds up the transaction-matching process by<br>suggesting matches that you can accept or discard.</p> <!-- /wp:paragraph --> <!-- wp:paragraph {"style":{"typography":{"fontStyle":"normal","fontWeight":"400"}}} --> <p style="font-style:normal;font-weight:400"><br><strong><em>• Matching rules.</em></strong> Create flexible matching rules for<br>individual transactions or groups of transactions, such as<br>one-to-one, many-to-one, and many-to-many matches.</p> <!-- /wp:paragraph --> <!-- wp:paragraph {"style":{"typography":{"fontStyle":"normal","fontWeight":"400"}}} --> <p style="font-style:normal;font-weight:400"><br><em><strong>• Complex reconciliations. </strong></em>Unlimited data sources and<br>unlimited attributes per data source can be defined to<br>support the most complex reconciliations.</p> <!-- /wp:paragraph --> <!-- wp:image {"align":"center","id":5549,"width":571,"height":336,"sizeSlug":"full","linkDestination":"none"} --> <figure class="wp-block-image aligncenter size-full is-resized"><img src="https://crescent.biz/wp-content/uploads/2023/05/Recon.jpg" alt="Recon" class="wp-image-5549" width="571" height="336"/></figure> <!-- /wp:image -->
