NetSuite Release 21.1: Bank & Credit Card Reconciliation

 
 

NetSuite’s 2021.1 release deprecates the Reconcile Bank Statement
and Reconcile Credit Card Statement functionality.

NetSuite users will have to transition to the Reconcile Account Statement and Match Bank Data features that NetSuite has introduced over the last several releases. These new reconciliation features increase automation, reduce reconciliation time, and provide a more up-to-date cash flow picture. These improvements enable accounting staff to spend less time reconciling data and more time analyzing data.

21.1 Enhancements Include:

  • PARTIAL IMPORT CAPABILITY

    In NetSuite 2020.2, an import failure for one bank or credit card account during the import process caused the entire import to fail. Also, the error logs did not provide clear indicators to identify which account caused the issue. NetSuite 2021.1 includes enhancements to the import and troubleshooting process. Bank data import scan now be partially complete, even when the import fails for some accounts.

  • ENHANCEMENTS TO BANK DATA IMPORTS

    Using the Bank Feeds Suite App, companies can manage connections and associated accounts on the Connect to U.S. and Canada Format Profile page. Users can also perform the following actions:

    o   Rebuild Connection
    o   Update MFA (Multi-Factor Authentication)
    o   Delete Connection
    o   Exclude Account

    These enhancements improve the ease of use of the Bank Feed Suite App and speed up the reconciliation process.

  • BANKING IMPORT HISTORY PAGE IMPROVEMENTS

    The Banking History Page has added the ability to see failure reasons and the list of accounts affected for an import with a partially completed or failed status. These improvements make bank data importing easier to use and easier to find the root cause of issues.

These new capabilities will vastly increase the overall automation of the bank and credit card reconciliation processes. We are working closely with our clients to help them make the most of these enhancements.



SCHEDULE YOUR RELEASE REVIEW

Through Cirrus ERP’s unique Release Review Service, our clients can quickly assess and identify the opportunities most relevant to their business needs in the in the 2021.1 and future releases. If you are interested in finding our more about the 2021.1 release and how our Release Review Service can help you, please contact support@cirrus-erp.com.

Amy PriceProduct