NetCash Bank Automation Rules - Auto-Matching
Overview
NetCash seeks to make bank reconciliations as easy and automated as possible. To assist with this, NetCash has automation rules to perform matching without manual processes. There are three types of automation rules offered in NetCash: Auto-Matching, Transaction Creation, and Auto Transfers.
This article will go over in detail how to setup Auto-Matching. For information on the other automation rules types reference the NetCash Automation Rules article.
Step by Step Process:
Navigating to Automation Rules
- Navigate to NetCash > Setup > Automation Rules.
- This is a list of all automation rules that have been created. To create a new rule select New +.
Setup
- On the Automation Rule record select the Type as an Auto-Match type. This will cause the page to refresh and change the visible fields to only those that relate to this rule type.
- Fill out the below fields as applicable:
| Field Name | Required | Field Description | Example |
|---|---|---|---|
| Name | Yes | This is a descriptive name to help identify which accounts this automation rule relates to. | Entity Match (Auto) |
| Amount Variance Limit | No | If the user anticipates there being some minor differences in amount between what comes through the bank account and what's already on a corresponding transaction in the GL, then they may indicate the maximum amount of that difference in this field. If the field is populated, transactions that are within the variance will be considered as potential matches. If left null, the assumed variance is 0. | 2 |
| Date Tolerance | No | If the user anticipates there being some date differences between the incoming bank transactions and transactions already on the GL , then the user may indicate the maximum amount of date tolerance. If left null, the assumed tolerance is 0 (meaning the transactions must have the same date). | 1 |
| Group | Yes | This field is where the user would select the group/groups this rule relates to. This article explains Automation Groups. | All Banks |
| Require Review | No | This field is used to indicate that the user does NOT want this auto-match rule to run by itself and that they want to see a list of potential matches and choose the ones that apply. This feature can/should also be used to test auto-match rules before they are to run by themselves. Anything that requires match confirmation will be evaluated on the "Auto Match" page. |
- Once the fields are set, select Create
- Three new subtabs will appear: Filters, Match Criteria, and Transaction Template
- Rule Filters allow users to specify which transactions should be filtered out of the automation rule. There can be as many filters as desired for the automation rule.
- Select New Filter at the bottom of the Automation Rule record.
- Fill out the below information for each desired filter:
| Field Name | Field Description |
| Source | This field is where the user can specify which transactions they want the filter to apply to (Bank or NetSuite Transactions). |
| Field | This is where the user can specify which field they want the filter to look at. |
| Operator | This is the comparison operator that is used to evaluate the fields "Field" and "Value". |
| Value | This is where the user can specify the value that should be filtered out of this automation rule. |
- For example, if only transactions larger than $2,000 should be included in this automation rule then the "Source" field would be "Bank Transactions", the "Field" would be "Amount", "Operator" would be "Greater Than" and "Value" would be "2000".
All filters will be applied to the transactions. If either of two filters can result in the auto-matching, two different auto-matching rules will need to be created.
- Once the filters are set, select the subtab titled Match Criteria. This section is used to help clarify which transactions should be automatically matched.
- Select the button New Match Criteria.
- Here are explanations of all available fields regarding match criteria.
| Field Name | Field Description |
|---|---|
| Bank Field | This field contains the fields on the NetCash Bank Transaction record (these are the records that represent transactions that have come through the bank connection). Here the user selects a field that they want to evaluate. In the example pictured below, we're looking at the transaction "check number" field. |
| Operator | This is the bridge between the bank transactions and GL transactions. The operator is what is used to compare the selected bank activity field to the GL field. The options are IS, CONTAINS, and BEGINS WITH. The example below shows the operator as an "IS" because it is comparing the "Check Number" on the bank transaction to the "Transaction ID" on the GL transaction; if these fields are the same, then the assumption is that it's a match. |
| GL Field | This field contains the fields on the NetSuite transaction records. Here is where the user selects the field they want to evaluate. In the example pictured below, it's looking at the "Transaction ID" field. |
| Match Null Values | This field is only applicable if the user is trying to match criteria that has a null field value. By default, null values are not considered matches. |
- To require ALL criteria to be met in order for NetCash to make the auto-match, select the toggle Require All Criteria. By not toggling this field, this tells NetCash to make the auto match if ANY of the criteria is met.
- Once all the necessary criteria has been added, select the subtab titled Transaction Template. When auto matching a transaction and an "Amount Variance Limit" has been established on the rule record, it is necessary to specify which rounding account should be used if an auto match is made and the amounts do not match exactly. This section is used to specify the rounding account that will be used with the auto-matching rule.
- For an "Auto Match" type, the system will default to using the Rounding Account that was specified in the corresponding Account Record. The information from those records is what will be used. If this information is not correct for this specific rule, click the pencil icon to the right and correct the applicable fields.
- Once all the necessary information has been filled out, it is time to test the automation rule.
Automation Rule Testing
- The best way to test auto-match rules is to enable the NetCash Automation Rule "Require Review" toggle. This will cause the automation rule to not automatically match bank to GL transactions, but instead to put potential matches on the Auto Match Bank Transactions page for review.
- To review potential auto matches, navigate using the left sidebar to NetCash > Bank > Auto Match Bank Transactions.
- From this page, use the filters to select a bank account (required), and then select the newly created automation rule from the automation rules filter.
- All potential matches will be listed below with a confidence percentage based on the number of matching criteria, and a description of the parameters that caused the transaction to be matched, seen in the picture below.
- In the screenshot above the is a 99% match because the date matches, the amount matches, the Check # matches (from our bank matching criteria) and the Bank Activity merchant field contains "3M" (also in the rule's matching criteria).
- The text on the left represents the bank transaction, and is a concatenation of the date of the transaction, the merchant, and the amount. If there is no merchant, the description will be included instead.
- The text on the right represents the GL transaction, and is a concatenation of the date, vendor (if there is one), memo, and amount.
- Both of the text values are hyperlinks to the transactions. If for example the date was within the date tolerance and not an actual date match, the transaction would drop it's match percentage from 99% to around 90%.
- If the rule is pulling in the correct matches, the user can then go in to the automation rule record and remove the "Require Review" setting and have NetCash begin auto matching on its own. All matches, whether automatic or reviewed, can be seen on the Review Matches page.