Bank Transaction GL Impact in NetSuite

🚨 Understand the General Ledger Impact of Bank Transactions in NetSuite 🚨

This tutorial explains how various bank transactions impact the General Ledger (GL) in NetSuite, providing you with clarity on how these actions affect your financial accounts.

Step-by-Step Guide 📋

1. Bank Deposits 🏦

• GL Impact:
  • Increases: Checking account balance.
  • Decreases: Undeposited funds.

2. Written Checks ✍️

• GL Impact:
  • Decreases: Checking account balance.
  • Increases: Relevant expense accounts.

3. Non-Check Debits 💳

• Navigate to Transactions > Bank > Write Checks to record these transactions.
• GL Impact:
  • Similar to writing checks but applies to cash, debit card, ATM, or EFT transactions.

4. Key Notes 📝

• Bank deposits move funds from undeposited accounts to checking.
• Written checks and non-check debits reduce checking accounts while increasing associated expenses.
• Ensure accurate classification of expense accounts for clear financial reporting.

Congratulations! 🎊 You now understand the General Ledger impact of various bank transactions in NetSuite. 🌟🎉

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