NetSuite 2018.2 Release Notes - Banking 

NetSuite has recently announced release of 2018.2 NetSuite aiming to improve its solution by adding new functionalities. And it includes the following enhancements to banking:

1. Changes to Account Reconciliation – Many changes have been made to account reconciliation – the confirm transaction matches page is new; it is possible now to create new charges, deposits, and credits while matching and to exclude transactions while matching. The new layout will allow users to create entries for missing transactions within the reconciliation process utilizing auto-filled pop ups that appear when a missing transaction is triggered. Users will also be able to access all unmatched bank transactions by having the ability to change user defined dates, a limitation in the previous releases. Another change that has been made is when you close a statement, there is no start or end date, only a close date, which is the value from the statement end date. In terms of changes to reconciling statements, it is now possible to reconcile a statement with an amount difference and it is not possible anymore to reopen reconciled statements.

2. Confirm In-Transit Vendor Payments – With the new release, NetSuite automatically converts the in transit payment to a confirmed payment, which you can then reconcile. This is a new recommendation from countries including Brazil, China, and Germany. Essentially a new workflow in NetSuite that allows users to postpone payments from reflecting in their general ledger until the vendor’s bank receives them. After confirming the transaction matches, the account statement can be reconciled.

3. Download and Decrypt Statement Files - For NetSuite 2018.2, after importing statement files, you can download a decrypted copy of the imported statement file. You can only decrypt and download statement files you import after your account is upgraded to NetSuite 2018.2.

4. New CSV Statement Format Requirements - The CSV bank statement file must now contain additional columns of NS internal customer ID (numeric and 12 characters); NS Customer name (free form text upto 512 characters) and Invoice number(s)

   This semi-annual release of NetSuite will provide users with improved functionality throughout their system and overcomes issues of the past.

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