For one of our partners, we wanted to utilize the Zone & Co bank reconciliation app in NetSuite. Therefore we implemented and customized key processes to improve faster and more accurate bank reconciliation! 💥

➡️ Processed Bank Statement: After the bank statement was uploaded, all the information was embedded in the description field in NetSuite, previously it was difficult to find and control necessary information. We created additional fields like counterparty, IBAN, BIC and invoice number (payment reference) and extracted necessary information to those fields. This improved visibility and enabled key users to do faster and more accurate spot checks to fix mistakes.

➡️ Customizations: We customized the bank statement processing transactions -journals and customer deposits- to store the payment information. This customization enabled the key users to easily process refunds based on the original payment transaction reducing the risk for errors.

➡️ Recognition: There are always payments for multiple invoices. However, there is no standardization of how the payment references (invoice numbers) are written in the description. Sometimes it’s with space, comma or slash, sometimes “+” or “-”. After switching to the cam.053 file format to upload, payment recognition increased significantly. After we formatted the delimiters, the recognition increased from 40% to 95%, saving our customer significant time everyday, so the users can focus on more important tasks than manually processing the payments.

➡️ NetSuite Transactions: We not only increased the recognition but automated generating the transactions in NetSuite with accuracy. This was crucial for accurate and timely financial reporting. Any reconciliation discrepancy is now a lot easier to detect.

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