How to Do a Bank Reconciliation in Oracle NetSuite
A bank reconciliation proves that the cash balance in NetSuite agrees with the bank statement for the period. Every statement line is matched to a NetSuite transaction, and lines with no ledger record, such as bank fees or FX differences, are booked through an approved adjusting journal before the statement is closed.
This guide follows a recorded month-end reconciliation of an ISK operating account at Arion bank: exporting and checking the camt.053 statement file, importing it into NetSuite, running reconciliation rules in Match Bank Data, clearing exceptions with a manual match and an approved journal, and reconciling the statement with a 0.00 difference.
- Who does itStaff accountant or treasury prepares; controller approves adjusting journals
- How oftenMonthly, as part of month-end close
- Steps13 steps · 3 systems
- By hand3–18 hours per week
Watch the full workflow
every click in this recording is an AI agent — no one is touching the keyboard.
In the recording, an AI agent opens Arion bank online banking, selects the ISK Operating Account ending 2841 and exports the September 2026 statement (138 entries) as a camt.053 file. It checks the bank's statement file controls, including a control difference of 0.00 ISK, then uploads the file in NetSuite with the Arion bank camt.053 parser to account 10120. In Match Bank Data it runs the reconciliation rules and submits 135 matches. It manually matches a 3,275,000 ISK distributor receipt and prepares journal JE-26418 for a 24,900 bank fee and an 84,360 FX loss, which is approved and posted before the agent matches it to the bank lines. Finally it reconciles the statement at an ending balance of 184,672,430.00 ISK with a 0.00 difference, closed as REC-2026-09.
- 1:05Open the bank account and set the statement period
- 1:20Export the camt.053 statement
- 1:40Validate the statement file controls
- 2:10Import the bank file into NetSuite
- 2:40Run reconciliation rules in Match Bank Data
- 3:00Submit the high-confidence matches
- 3:30Investigate the unmatched lines
- 3:45Prepare the adjusting journal
- 4:10Submit the journal for approval and approve it
- 4:55Match the posted adjustments
- 5:40Verify zero variance
- 6:00Reconcile the account statement
- 6:30Confirm the reconciled statement
Systems involved
You need access to each of these before you start. In the recording the agent works in all of them from one desktop, signed in as the user.
- Oracle NetSuiteUpload File, Match Bank Data, Make Journal Entries, Approve Journal Entries, Reconcile Account Statement and Reconciled Statements
- Arion bank online business bankingSource of the monthly statement for the ISK Operating Account; camt.053 export and statement file controls
- camt.053 statement fileISO 20022 XML bank statement exported from the bank and imported into NetSuite
What you start with
- Arion bank statement for 01.09.2026–30.09.2026 (camt.053 XML, 138 entries)
- NetSuite account 10120 Arion bank - ISK Operating
- Last reconciled balance of 171,096,590.00 ISK
What you end with
- 135 rule-based matches and 1 manual match submitted
- Adjusting journal JE-26418 (bank fee and FX loss) approved and posted
- Reconciled statement REC-2026-09 with a 0.00 ISK difference and audit evidence ready
The workflow at a glance
Action Decision Human review Select a step to jump to how it's done.
- 01 Action · Arion bank Open the bank account and set the statement period
- 02 Action · Arion bank Export the camt.053 statement
- 03 Decision · Arion bank (Statement file controls) Validate the statement file controls Yes Import the file into NetSuite. No Stop and resolve the file validation exception with the bank before importing.
- 04 Action · Oracle NetSuite (Transactions > Bank > Upload File) Import the bank file into NetSuite
- 05 Action · Oracle NetSuite (Match Bank Data) Run reconciliation rules in Match Bank Data
- 06 Action · Oracle NetSuite (Match Bank Data) Submit the high-confidence matches
- 07 Decision · Oracle NetSuite (Transactions to Match) Investigate the unmatched lines Yes An adjustment is required: prepare an adjusting journal and send it for review. No Everything is matched: go straight to the zero-variance check.
- 08 Action · Oracle NetSuite (Make Journal Entries) Prepare the adjusting journal
- 09 · Human review · Oracle NetSuite (Approve Journal Entries) Submit the journal for approval and approve it
- 10 Action · Oracle NetSuite (Match Bank Data) Match the posted adjustments
- 11 Decision · Arion bank / Oracle NetSuite Verify zero variance Yes Reconcile the account statement in NetSuite. No Create a variance exception report instead of reconciling.
- 12 Action · Oracle NetSuite (Reconcile Account Statement) Reconcile the account statement
- 13 Action · Oracle NetSuite (Reconciled Statements) Confirm the reconciled statement
Step-by-step: how to do it
-
Action · Arion bank · 1:05 in the video
Open the bank account and set the statement period
In online business banking, go to Accounts & statements, open the operating account and choose Statements & export. Enter the From and To dates for the month, pick camt.053 (ISO 20022 XML) as the export format and use Preview to check the activity.
In the videoISK Operating Account ending 2841 for Northstar Manufacturing hf., 01.09.2026–30.09.2026, 138 transactions, including:
- FEE-40988 · Bank service charge
- Amount
- -24,900
- PAY-781240 · Iceland Steel hf.
- Type
- Supplier payment
- Amount
- -14,882,000
- REC-390184 · Norðursál ehf.
- Type
- Customer receipt
- Amount
- +18,450,000
-
-
Action · Arion bank · 1:20 in the video
Export the camt.053 statement
Click Export statement and save the XML file with the month's close evidence. Note the transaction count the bank reports so you can check it against the import later.
In the video"Statement exported successfully": a September 2026 camt.053 file with 138 transactions.
-
Decision · Arion bank (Statement file controls) · 1:40 in the video
Validate the statement file controls
Confirm the period is complete, the format is supported, the account and currency match, the transaction count is complete, and opening balance plus net movement equals closing balance. Only import the file when the control difference is zero.
- If yes Import the file into NetSuite.
- If no Stop and resolve the file validation exception with the bank before importing.
In the video- Balance
- 171,096,590.00 + 13,575,840.00 = 184,672,430.00
- Control difference
- 0.00 ISK
- Message
- "File is ready for NetSuite import"
- 1–30 September 2026 Complete
- camt.053.001.08 XML Supported
- Account ending 2841, ISK Matched
- 138 entries Complete
-
Action · Oracle NetSuite (Transactions > Bank > Upload File) · 2:10 in the video
Import the bank file into NetSuite
Open Upload File and choose Manual Import. Select the file, the financial institution, the format profile, the bank account and the statement period, then click Import. Read the import message and confirm the line count matches the bank and there are no duplicates or errors.
In the video- Bank
- Arion bank - Corporate Banking
- Format profile
- "Arion bank camt.053 Parser"
- Account
- 10120 Arion bank - ISK Operating
- Period
- 01/09/2026–30/09/2026
- Result
- "Import complete. 138 bank statement lines imported with no duplicates or errors."
-
Action · Oracle NetSuite (Match Bank Data) · 2:40 in the video
Run reconciliation rules in Match Bank Data
Open Match Bank Data, select the account and period, and click Run Reconciliation Rules. Review the Match Suggestions tab, which pairs each bank line with a NetSuite transaction and shows a confidence level.
In the video- Imported lines
- 138
- Suggested matches
- 135
- Requiring investigation
- 3
- Statement balance
- 184,672,430
- DEP-84512 customer receipts 100%
- Amount
- 5,000,000
- Match
- Deposit DEP-84512
- Iceland Steel hf. 100%
- Amount
- -14,882,000
- Match
- Vendor Payment PAY-781240
- Freight services 99%
- Amount
- -2,140,500
- Match
- PAY-781011
-
Action · Oracle NetSuite (Match Bank Data) · 3:00 in the video
Submit the high-confidence matches
After checking the suggested pairs, click Submit Matches. Lines without a reliable suggestion stay on Transactions to Match for investigation.
In the video"135 matches submitted for reconciliation. Three imported bank lines remain for investigation."
-
Decision · Oracle NetSuite (Transactions to Match) · 3:30 in the video
Investigate the unmatched lines
On Transactions to Match, compare each open bank line with candidate NetSuite transactions by amount, date and reference. Match manually when a ledger record exists; when none exists, as with bank fees or FX differences, an adjusting journal is needed.
- If yes An adjustment is required: prepare an adjusting journal and send it for review.
- If no Everything is matched: go straight to the zero-variance check.
In the video- RF-3098 · Distributor receipt Manually matched
- Amount
- 3,275,000
- Match
- Deposit DEP-84563
- Difference
- 0.00 ISK
- Monthly account service fee "Adjustment required"
- Amount
- -24,900
- EUR supplier wire FX difference "Adjustment required"
- Amount
- -84,360
-
Action · Oracle NetSuite (Make Journal Entries) · 3:45 in the video
Prepare the adjusting journal
Create a journal entry for the bank-only items. Check subsidiary, date, memo, currency and lines, attach the fee evidence and FX calculation, and confirm debits equal credits. Do not post it yet.
In the videoJE-26418, Northstar Manufacturing hf., 30/09/2026, "September bank fees and FX adjustments", ISK.
- Posting policy
- Review required
- 63320 Bank Fees Expense
- Dr
- 24,900
- 67610 Realized FX Loss
- Dr
- 84,360
- 10120 Arion bank - ISK Operating
- Cr
- 109,260
-
Human review · Oracle NetSuite (Approve Journal Entries) · 4:10 in the video
Submit the journal for approval and approve it
Click Submit for Approval. The approver opens Transactions > Approve Journal Entries, reviews the journal and its support, and clicks Approve & Post or Reject.
In the video"Submitted for approval. JE-26418 is now in the approver queue and remains unposted."
- Journal
- JE-26418
- Date
- 30 Sep 2026
- Amount
- 109,260 ISK
- Status
- Pending Approval, then Approved - Posted
- Journal balance
- 0.00 ISK
-
Action · Oracle NetSuite (Match Bank Data) · 4:55 in the video
Match the posted adjustments
Return to Transactions to Match, pair each remaining bank line with its posted journal line, and submit the matches. Confirm nothing is left to investigate.
In the video"Posted adjustments matched and submitted. All 138 bank lines are ready for final reconciliation."
- -24,900 fee
- Match
- JE-26418 Bank Fees Expense
- -84,360 FX
- Match
- JE-26418 Realized FX Loss
-
-
Decision · Arion bank / Oracle NetSuite · 5:40 in the video
Verify zero variance
Compare the bank's closing balance and control difference with the statement balance and submitted line count in Match Bank Data. Reconcile only when they agree exactly.
- If yes Reconcile the account statement in NetSuite.
- If no Create a variance exception report instead of reconciling.
In the video- Bank closing balance
- 184,672,430.00
- Control difference
- 0.00 ISK
- NetSuite submitted
- 138
- To investigate
- 0
- Statement balance
- 184,672,430
-
Action · Oracle NetSuite (Reconcile Account Statement) · 6:00 in the video
Reconcile the account statement
Open Reconcile Account Statement and select the account, statement end date and ending balance. Confirm last reconciled balance plus this statement equals the ending balance with a 0.00 difference and all items included, then click Reconcile and confirm Close Statement.
In the video- Account
- 10120
- End date
- 30/09/2026
- Ending balance
- 184,672,430.00
- Last reconciled
- 171,096,590.00
- Reconciled this statement
- 13,575,840.00
- Difference
- 0.00 ISK
- 135 system and manual matches Included
- Amount
- 13,685,100.00
- JE-26418 Included
- Amount
- -109,260.00
-
Action · Oracle NetSuite (Reconciled Statements) · 6:30 in the video
Confirm the reconciled statement
Open the reconciliation history or summary and check the statement shows as Reconciled with a zero difference, no unmatched lines and the audit evidence ready for review.
In the video"Statement successfully reconciled. September 2026 is closed with zero variance and the audit reports are ready."
- Reconciliation
- REC-2026-09
- Ending
- 184,672,430.00 ISK
- Difference
- 0.00 ISK
- Reconciled
- 138
- Unmatched
- 0
Rules, exceptions and controls
Rules to follow
- Import a statement file only when opening balance plus net movement equals closing balance (control difference 0.00).
- The NetSuite import must report the full line count with no duplicates or errors.
- Submit rule-based matches only at high confidence; investigate every remaining line individually.
- Bank fees and FX differences with no ledger record are booked through an adjusting journal, never forced into a match.
- Adjusting journals need approval before posting, and debits must equal credits.
- Close the statement only at a 0.00 difference with every submitted transaction included.
When something doesn't match
- A receipt the rules cannot pair, such as distributor receipt RF-3098, is matched manually to its deposit.
- Bank fees and FX differences that are not in the books are cleared with an adjusting journal (JE-26418 in the recording).
- A file that fails the bank's controls is not imported; the exception is resolved first.
- A rejected journal or a non-zero variance stops the reconciliation and goes to an exception report.
Controls and audit trail
- The exported statement is saved as evidence and its file controls are checked before import.
- Adjustments carry support: bank fee evidence and a verified FX calculation.
- Maker-checker: one person prepares the adjusting journal and an approver approves and posts it.
- Zero variance is verified against both the bank and NetSuite before the statement is closed.
- The reconciliation summary is kept as audit evidence for the close.
Practitioner tips
- Use the bank's structured camt.053 export rather than a PDF so NetSuite can import every line without rekeying.
- Check the transaction count at the bank and again in the NetSuite import message; a mismatch points to a missing or duplicate file.
- Keep the posting and approval permissions separate so nobody approves their own adjusting journal.
- Book fees and FX in one journal per month with a clear memo so they match line for line to the bank.
About this recording
In the recording, the agent handled the statement export, file checks, NetSuite import, matching, adjusting journal preparation and final reconciliation end to end. A person approved journal JE-26418 before it was posted.
Documented the way you'd train a new hire — and the same way an agent learns it.
Frequently asked questions
How do I do a bank reconciliation in NetSuite?
Import the bank statement with Upload File, run reconciliation rules in Match Bank Data and submit the matches, then resolve unmatched lines with manual matches or adjusting journals. Finally open Reconcile Account Statement, confirm a 0.00 difference and click Reconcile.
Can NetSuite import a camt.053 bank statement?
Yes. In Upload File choose the financial institution, a camt.053 format profile, the bank account and the statement period, then import the ISO 20022 XML file. NetSuite reports how many lines were imported and any duplicates or errors.
How do I handle bank fees and FX differences in a NetSuite bank reconciliation?
Prepare a journal entry debiting bank fees and realized FX loss and crediting the bank account, attach the support and send it for approval. Once it is posted, match the journal lines to the bank lines in Match Bank Data.
What should I check on a bank statement file before importing it?
Confirm the period is complete, the format is supported, the account and currency match, the transaction count is complete, and opening balance plus net movement equals the closing balance.
What does Match Bank Data do in NetSuite?
It compares imported bank lines with NetSuite transactions, suggests matches using reconciliation rules, and lets you submit matches or match lines manually. Lines left unmatched show on Transactions to Match for investigation.
Can an AI agent do a bank reconciliation in NetSuite?
Yes. As shown in the video, the agent works the same bank and NetSuite screens a person does, from statement export to the final reconciliation, with a person approving the adjusting journal before it is posted.