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Guide on How to Enter Voided Check Number in NetSuite

by | Dec 7, 2023 | How To

Reconciling your bank statement in NetSuite is essential for maintaining accurate accounts. To manually mark voided checks and ensure efficient bookkeeping, follow these steps.

Table of Contents

Key Takeaways:

  • Reconciling bank statements in NetSuite is crucial for accurate bookkeeping.
  • Voided checks must be properly accounted for in the reconciliation process.
  • Entering voided check numbers in NetSuite helps maintain an organized financial record.
  • The reconciliation process in NetSuite allows for the handling of custom transactions.
  • Save and print reconciliations in NetSuite for future reference.

Manually Clearing Transactions in the Check Register

In the check register of NetSuite, you have the ability to manually mark transactions as cleared. This process is essential for proper bookkeeping and ensures that voided checks are accurately accounted for. By following these steps, you can easily clear transactions in the check register and maintain accurate records:

  1. Log in to your NetSuite account and navigate to the Check Register.
  2. Locate the transaction you want to clear and select it.
  3. In the transaction details, look for the option to mark the transaction as cleared. This may be labeled as “Cleared” or “Reconciled.”
  4. Click on the checkbox or toggle the option to mark the transaction as cleared.
  5. Save the changes to update the transaction status.

By manually clearing transactions in the check register, you can ensure that voided checks are not included in bank reconciliation reports and maintain accurate records of your financial transactions.

Entering Voided Check Number in NetSuite

Handling Unreconciled Checks from Previous Months

When reconciling your bank statement in NetSuite, it’s important to address any unreconciled checks from previous months. These checks are typically displayed on the Reconcile Bank Statement page, specifically under the Deposits and Credits subtab.

Unreconciled checks are checks that were written in previous months but have not yet cleared. They serve as a reminder that these checks are still outstanding and should be accounted for in future reconciliations. It’s important to note that unreconciled checks will only appear on bank reconciliation reports once they are cleared.

To reconcile previous month’s unreconciled checks, navigate to the Reconcile Bank Statement page in NetSuite and locate the Deposits and Credits subtab. Here, you can review the list of checks and mark them as cleared once they have been reconciled with your bank statement. This step ensures that your records accurately reflect the status of these checks and helps maintain the integrity of your financial statements.

To summarize, when reconciling your bank statement in NetSuite, it’s crucial to address unreconciled checks from previous months. These checks should be reviewed and marked as cleared once they have been reconciled with your bank statement. By doing so, you can ensure accurate financial records and a seamless reconciliation process.

voided check number in netsuite

Table: Unreconciled Checks in NetSuite

Check Number Date Written Amount
123456 2021-01-15 $500.00
789012 2021-02-03 $250.00
345678 2021-03-21 $750.00

Note: The table above showcases unreconciled checks in NetSuite, displaying their respective check numbers, dates written, and amounts. This provides a clear overview of the outstanding checks that need to be reconciled.

Voiding a Check and Reconciling the Voiding Journal Entry

When you need to void a check in NetSuite, it is crucial to ensure that the voiding journal entry is properly reconciled. This step is essential for accurate bookkeeping and bank statement reconciliation. By following the steps below, you can effectively void a check and reconcile the associated journal entry:

  1. Access the check that needs to be voided in NetSuite.
  2. Click on the “Void” button or select “Void Check” from the dropdown menu.
  3. Enter a reason for voiding the check, such as “Incorrect amount” or “Duplicate payment.”
  4. Confirm the voiding of the check by clicking “OK” or “Confirm.”
  5. Navigate to the Journal Entries section in NetSuite.
  6. Locate the voiding journal entry associated with the voided check.
  7. Mark the voiding journal entry as reconciled to ensure it is properly accounted for in your bank statement reconciliation process.

By following these steps, you can effectively void a check in NetSuite and reconcile the voiding journal entry, maintaining accurate financial records and ensuring the integrity of your bank statement reconciliation process.

Example table showcasing the voiding process:

Step Description
1 Access the check that needs to be voided in NetSuite.
2 Click on the “Void” button or select “Void Check” from the dropdown menu.
3 Enter a reason for voiding the check, such as “Incorrect amount” or “Duplicate payment.”
4 Confirm the voiding of the check by clicking “OK” or “Confirm.”
5 Navigate to the Journal Entries section in NetSuite.
6 Locate the voiding journal entry associated with the voided check.
7 Mark the voiding journal entry as reconciled to ensure it is properly accounted for in your bank statement reconciliation process.

By following these steps and reconciling the voiding journal entry, you can effectively void a check in NetSuite and maintain accurate financial records for your business.

Modifying Reconciled Transactions in NetSuite

When managing your bank statement in NetSuite, it may be necessary to make changes to previously reconciled transactions. However, it’s important to note that modifying the amount of a reconciled transaction will cause it to become unreconciled. To rectify this, follow these steps:

  1. Begin by navigating to the Reconcile Bank Statement page in NetSuite.
  2. Open the correct statement period for the transaction you wish to modify.
  3. Locate the transaction and make the necessary changes to the amount.
  4. Once the changes are made, re-reconcile the transaction by selecting the appropriate options within the Reconcile Bank Statement page.

By following these steps, you can ensure that any modifications to reconciled transactions are properly accounted for in your bank statement reconciliation. It’s crucial to maintain accurate records and keep your financial information up-to-date.

Example:

“I had reconciled a payment transaction for $500 in NetSuite, but later realized that the correct amount was $600. To rectify this, I accessed the Reconcile Bank Statement page and opened the relevant statement period. I located the transaction and updated the amount to $600. Finally, I re-reconciled the transaction to reflect the modified amount. It’s important to be diligent when making changes to reconciled transactions to ensure accurate bookkeeping.”

Remember, any modifications to reconciled transactions will impact the accuracy of your financial records. Take the necessary precautions and double-check all changes before re-reconciling the transaction. This will help maintain the integrity of your bank statement and ensure accurate reporting.

netsuite voided check number input

Handling Transfers to and from Bank Accounts in NetSuite

When it comes to managing your bank accounts in NetSuite, handling transfers is an important aspect of maintaining accurate financial records. Whether you are moving funds between internal accounts or conducting transactions with external banks, NetSuite provides a seamless process for reconciling these transfers.

Transfers to and from bank accounts will appear as other transactions on your bank statement. These transactions can be reconciled in the same manner as deposits, checks, and payments. By following the steps outlined in this guide, you can ensure that all your transfers are properly recorded and accounted for.

Start by navigating to the Transactions menu and selecting Bank. From there, choose the Reconcile Bank Statement option. Select the appropriate bank account and input the necessary information, such as the statement date, start date, and ending statement balance. Once you have entered these details, proceed to the Deposits and Credits subtab and the Checks and Payments subtab to reconcile the corresponding transactions.

Entering Voided Check Number in NetSuite

By following this process, you can effectively reconcile your bank statement and ensure that all transfers are properly accounted for in your financial records. NetSuite offers a comprehensive system for managing your bank accounts and streamlining the reconciliation process.

Reconciling Bank Accounts and Closing Periods in NetSuite

When reconciling your bank account in NetSuite, it is important to understand how to close periods and ensure all reconciled transactions are marked as cleared. In this section, we will guide you through the process, step by step, so that you can confidently manage your bank accounts in NetSuite.

How to Enter Voided Check Number in NetSuite

“To close a period, you do not need to reconcile all transactions.”

First, navigate to the NetSuite menu and select Transactions, then choose Bank and click on Reconcile Bank Statement. Select the bank account you wish to reconcile and enter the statement date, start date, and ending statement balance.

Next, proceed to the Deposits and Credits subtab and ensure all deposits and credits are reconciled correctly. This includes voided checks, which should be marked as reconciled to reflect the proper accounting.

Remember, to close a period, you do not need to reconcile all transactions. The reconciled transactions will be automatically marked as cleared, allowing you to move forward with your financial reporting and analysis.

Steps to Reconcile Bank Accounts and Close Periods in NetSuite
1. Navigate to Transactions > Bank > Reconcile Bank Statement.
2. Select the bank account and enter the statement date, start date, and ending statement balance.
3. Reconcile deposits, credits, and voided checks in the Deposits and Credits subtab.
4. Close the period by marking all reconciled transactions as cleared.

By following these steps, you can effectively reconcile your bank accounts in NetSuite and ensure accurate financial records. Remember, closing a period does not require reconciling all transactions, so you can proceed confidently with your financial reporting and analysis.

enter voided check number in NetSuite

Resuming and Saving Incomplete Reconciliations in NetSuite

NetSuite provides the flexibility to resume and save incomplete account reconciliations, allowing you to work on them at your convenience. This feature is particularly useful if you need to temporarily pause the reconciliation process or if you are unable to complete it in one sitting.

When you start an account reconciliation in NetSuite and save it as incomplete, the system retains all the progress you’ve made. This includes the transactions you have already reconciled and any changes you have made to the reconciliation details. You can easily access and resume your incomplete reconciliation from the Reconcile Bank Statement page whenever you are ready to continue.

To save an incomplete reconciliation, simply click on the “Save” button at the bottom of the page. This will preserve all the information you have entered, allowing you to come back to it later. When you want to resume your reconciliation, go to Transactions > Bank > Reconcile Bank Statement and find the saved reconciliation listed under the “Incomplete” tab.

By utilizing the resuming and saving feature in NetSuite, you can effectively manage your account reconciliations and ensure accurate bookkeeping. It gives you the flexibility to work on your own schedule and reduces the risk of losing progress in case of interruptions or distractions.

Example

“Being able to save incomplete reconciliations in NetSuite has been a game-changer for our accounting team. In the past, if we couldn’t finish a reconciliation in one go, we would have to start over from scratch, which was time-consuming and frustrating. Now, we can simply save our progress and pick up where we left off. It’s a simple yet powerful feature that has greatly improved our efficiency.”

– Jane Miller, Controller at ABC Company

Reconciling Custom Transactions in NetSuite

When reconciling your bank statement in NetSuite, it’s important to ensure that all transactions are accounted for, including custom transactions. To facilitate this process, NetSuite allows you to enable the option to show all transaction types in the reconciliation process. By enabling this option, you can perform a comprehensive reconciliation of your bank statement, including custom transactions.

Enabling the option to show all transaction types is straightforward. Simply navigate to the Reconcile Bank Statement page in NetSuite and select the account you wish to reconcile. Once on the reconciliation page, look for the option to show all transaction types and enable it. This will ensure that any custom transactions are included in the reconciliation process.

By reconciling custom transactions in NetSuite, you can maintain accurate and up-to-date records of your bank statement. This comprehensive reconciliation process allows you to track all types of transactions, providing a complete picture of your financial activities in NetSuite.

It’s important to note that reconciling custom transactions may require additional information or steps, depending on the specific transaction type. Be sure to consult NetSuite’s documentation or reach out to their support team for guidance on reconciling custom transactions in your specific use case.

Summary:

  • Enable the option to show all transaction types in NetSuite’s reconciliation process.
  • Select the account you wish to reconcile and navigate to the Reconcile Bank Statement page.
  • Ensure that all custom transactions are included in the reconciliation process.
  • Consult NetSuite’s documentation or support team for guidance on reconciling specific custom transactions.

Steps to Reconcile Your Bank Statement in NetSuite

To begin reconciling your bank statement in NetSuite, follow these step-by-step instructions:

  1. Navigate to Transactions > Bank > Reconcile Bank Statement.
  2. Select the account you wish to reconcile from the dropdown menu.
  3. Enter the statement date, start date, and ending statement balance.
  4. Proceed to the Deposits and Credits subtab to reconcile all corresponding transactions.
  5. Review the Checks and Payments subtab and reconcile all relevant transactions.

It is important to carefully review each transaction and ensure accurate reconciliation. Verify that all deposits, credits, checks, and payments are properly accounted for in your bank statement.

Throughout the reconciliation process, you can refer to the bank statement for reference and compare it to the transactions in NetSuite. This will help you identify any discrepancies and ensure accurate financial records.

By following these steps, you can effectively reconcile your bank statement in NetSuite and maintain accurate and up-to-date financial records for your business.

Example Bank Statement Reconciliation

Date Description Amount Status
01/15/2022 Deposit $1,000.00 Reconciled
01/18/2022 Check #1234 $500.00 Reconciled
01/20/2022 Check #1235 $750.00 Not Reconciled
01/22/2022 Deposit $1,500.00 Not Reconciled

In the example above, the first two transactions have been reconciled and appropriately marked as cleared. However, the last two transactions have not yet been reconciled. To complete the bank statement reconciliation, you would need to reconcile these outstanding transactions in NetSuite.

Adding New Charges and Deposits in the Reconciliation Process

When reconciling your bank statement in NetSuite, you have the option to add new charges and deposits to ensure a comprehensive and accurate reconciliation. This feature allows you to include any additional transactions that may have been missed or not yet recorded in your bank statement.

To add new charges and deposits, simply follow these steps:

  1. Access the Reconcile Bank Statement page in NetSuite.
  2. Select the account you wish to reconcile.
  3. Enter the statement date, start date, and ending statement balance.
  4. Proceed to the respective subtabs for deposits and credits, checks and payments.
  5. In the corresponding subtab, click on the “Add” button.
  6. Provide the necessary information for the new charge or deposit.
  7. Click “Save” to include the new transaction in your reconciliation.

By utilizing this feature, you can ensure that all relevant charges and deposits are accurately reflected in your bank statement reconciliation, providing a complete and thorough record of your financial transactions.

Saving and Printing Reconciliations in NetSuite

Once you have completed the reconciliation process in NetSuite, you have the option to save, save and print, or complete later. These options allow you to manage and document your reconciliations effectively.

Saving the reconciliation allows you to access and review it at a later time. If you need to reference the reconciliation for any reason, this feature ensures that you can easily retrieve the information you need.

If you prefer to have a physical copy of the reconciliation, you can choose the save and print option. This will generate a printable report that you can review and store as needed.

Alternatively, if you need to pause the reconciliation process and come back to it later, you can select the complete later option. This saves the reconciliation and allows you to resume where you left off when you’re ready to proceed.

Table: Reconciliation Options

Option Description
Save Saves the reconciliation for later access and review.
Save and Print Generates a printable report of the reconciliation.
Complete Later Saves the reconciliation until you’re ready to resume or submit it.

By utilizing these options, you can effectively manage your reconciliations in NetSuite, ensuring accurate and well-documented financial records.

Viewing Previous Reconciliations in NetSuite

When managing your bank accounts in NetSuite, it is important to have access to your previous reconciliations for reference and historical purposes. NetSuite provides a convenient feature that allows you to view your previous reconciliations at any time.

To access your previous reconciliations, simply navigate to the Transactions menu, select Bank, and then click on Reconcile Bank Statement. On the Reconcile Bank Statement page, you will find a tab labeled “History.” Clicking on this tab will display a list of all your previous reconciliations.

Within the History tab, you can view important details about each reconciliation, such as the statement date, start and end dates, and the ending balance. This information can be helpful when reviewing past reconciliations or comparing them to your current bank statements.

By having access to your previous reconciliations in NetSuite, you can easily refer back to past financial records, track any changes or discrepancies, and maintain accurate and up-to-date financial records for your business.

Conclusion

By following this step-by-step guide, you can effectively enter voided check numbers in NetSuite and ensure accurate bookkeeping and bank statement reconciliation. Properly reconciling your bank statement is crucial for maintaining precise accounts, and manually marking voided checks is an essential part of this process.

In the check register, you have the ability to manually clear transactions and reflect that they have been reconciled. This ensures that voided checks are properly accounted for and will not appear in bank reconciliation reports.

When handling unreconciled checks from previous months, you can find them displayed on the Reconcile Bank Statement page under the Deposits and Credits subtab. These checks will only be included in bank reconciliation reports once they are cleared.

Remember, when you void a check, it is important to reconcile the voiding journal entry to accurately account for the voided check in your bank statement reconciliation. Additionally, if you modify the amount of a previously reconciled transaction, it will become unreconciled. To rectify this, you need to reopen the correct statement period for the transaction and reconcile it again.

FAQ

How do I manually clear transactions in the check register?

To manually clear transactions in the check register, you can mark them as cleared to reflect that they have been reconciled. This ensures that voided checks are properly accounted for and not included in bank reconciliation reports.

Where can I find checks written in previous months that have not yet cleared?

Checks written in previous months that have not yet cleared will be displayed on the Reconcile Bank Statement page under the Deposits and Credits subtab. These checks will only appear on bank reconciliation reports once they are cleared.

How do I reconcile the voiding journal entry when I void a check?

When you void a check, it is important to reconcile the voiding journal entry. This ensures that the voided check is properly accounted for in your bank statement reconciliation.

What happens if I change the amount of a previously reconciled transaction?

If you change the amount of a previously reconciled transaction, it will become unreconciled. To rectify this, you need to open the correct statement period for the transaction and reconcile it again.

How do I handle transfers to and from bank accounts in NetSuite?

Transfers to and from bank accounts will appear as other transactions on your bank statement. These transactions can be reconciled in the same manner as deposits, checks, and payments.

Do all transactions need to be reconciled in order to close a period?

When reconciling a bank account in NetSuite, all reconciled transactions will be automatically marked as cleared. It is not necessary for all transactions to be reconciled in order to close a period.

Can I save an account reconciliation for completion at a later time?

Yes, NetSuite allows you to begin an account reconciliation and save it for completion at a later time. This feature is useful if you need to temporarily pause the reconciliation process.

How do I reconcile custom transactions in NetSuite?

If you have custom transactions that need to be reconciled, you can enable the option to show all transaction types in the reconciliation process. This allows for a comprehensive reconciliation of your bank statement.

What are the steps to reconcile a bank statement in NetSuite?

To begin reconciling your bank statement in NetSuite, navigate to Transactions > Bank > Reconcile Bank Statement. Select the account you wish to reconcile and enter the statement date, start date, and ending statement balance. Then, proceed to the Deposits and Credits subtab and the Checks and Payments subtab to reconcile the corresponding transactions.

Can I add new charges and deposits during the reconciliation process?

Yes, in the reconciliation process, you have the option to add new charges and deposits. These additional transactions can be reconciled by providing the necessary information and clicking “Add.” This enables a comprehensive and accurate reconciliation of your bank statement.

What options do I have after completing the reconciliation process?

Once you have completed the reconciliation process, you can choose to save, save and print, or complete later. Saving the reconciliation allows you to view it later, while saving and printing generates a printable report. Completing later saves the reconciliation until you are ready to submit or print it.

How can I view my previous reconciliations in NetSuite?

NetSuite provides a history of previous reconciliations for reference. To view your previous reconciliations, navigate to Transactions > Bank > Reconcile Bank Statement and click on “History.”