The Nolan Advantage – 6 good reasons to choose Nolan’s Advanced Bank Reconciliation tool over NetSuite’s tool
We have recently been answering many questions from both our clients and prospects about NetSuite’s bank reconciliation tool and the differences between it and Nolan’s Advanced Bank Reconciliation tool. We highlight some of our advantages over the new NetSuite Bank Reconciliation tool, including some new features that we are currently developing.
o NSABR has always supported multiple bank statement file types including CSV, BAI, BAI2 and other international formats. NSABR also supports configuring the field mappings to ensure the proper data is imported.
o The updated NetSuite bank reconciliation only supports some fixed, pre-defined formats with some restricted to specific banks only. At this time, NetSuite bank reconciliation does not support CSV files. We have found that many smaller banks only offer CSV files to their customers.
o NSABR available filters in the reconcile window include Transaction Date, Transaction Type, Entity Name, Transaction Number, Memo, Amount (including absolute value) and Match Number. These filter options prove critical when reviewing large volumes of transactions.
Match ID Numbers
o NSABR provides a match ID between the NetSuite transaction and the bank transaction which provides a strong audit trail.
o The updated NetSuite bank reconciliation simply marks a transaction as cleared and does not maintain the match history nor does it show any match dates, etc.
Bank Transaction Types
o NSABR is able to customize matching rules by utilizing bank transaction types. The types allow us to create rules and generate templates specific to different bank transaction types. NSABR matching rules are much more flexible. For example, NSABR can have a rule specific for Checks and different rules for different types of deposits, etc. NSABR rules can also be restricted to specific bank accounts.
o The updated NetSuite bank reconciliation uses only debit, credit, ACH, etc. to create match rules.
o NSABR is able to memorize bank transactions and automatically generate NetSuite journal entries or customer payments based on pre-defined criteria. These auto-generated transactions are also automatically matched in the NSABR reconcile window. Templates are very useful for automating journal entries from sweep accounts and bank fees.
o The updated NetSuite bank reconciliation can only create Journal Entries on the fly and cannot support sweep accounts.
o We are currently working on adding the ability to define Grouping Rules as part of our matching process. This will allow companies to create rules for grouping many NetSuite transactions to auto-match with one bank summary amount. We expect this feature to be available in the next few months.
Experts at delivering enhanced functionality for NetSuite with our SuiteApp tools, we continually add new features based on what our clients are asking for. We recently updated NetSuite Electronic Payments to include the ability to support multiple bank account details per vendor. We also added a new Bill Payment Approval process that can be used with NetSuite Electronic Payments to approve bill payments prior to generating the file for the bank.
We are committed to supporting and enhancing our NetSuite Advanced Bank Reconciliation and Electronic Payments tools and appreciate your support. Please contact us at email@example.com for any questions or if you’d like additional details on any of these products or features.
By Patricia Gilbert, Technical Sales Director at Nolan Business Solutions and based in Boulder, Colorado.