Reconciliation templates
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Reconciliation templates are often more important than the initial import templates. Pre-designed reconciliation templates can save significant time when checking and correcting any mistakes during data migration. They enable efficient and repeatable comparisons between the old and new systems, allowing for quick data extraction and rechecking after corrections are made.
Below are examples of essential reconciliation templates:
This spreadsheet serves as a mapping document between the account codes in the old system and those in the new system. It ensures that each account is correctly aligned, making it easier to identify discrepancies and ensure accurate financial reporting after the migration.
Purpose: Map account codes from the old system to the new one.
Usage: Use this template to quickly verify that each old account has a corresponding account in the new system, reducing the likelihood of errors in financial statements.
These templates reconcile Accounts Receivable (AR) and Accounts Payable (AP) at the line level. Amounts in foreign currencies should match for each transaction at the line level in both systems. This template ensures that both the base currency and foreign currency amounts are reconciled.
Expected Results:
Foreign currency amounts should match exactly.
Minor differences in base currency are expected due to currency rounding at the line level.
Usage: Use this template to confirm that each line item from AR and AP transactions matches the corresponding data in the new system.
This template allows the finance team to extract the balance sheet from NetSuite in a format they are familiar with, making it easier to verify the data. The template should be populated by extracting the internal ID from a standard balance sheet in NetSuite.
Purpose: Simplifies the process of comparing balance sheets between the old and new systems.
Usage: Extract the balance sheet data from NetSuite, map the internal ID fields, and use the template to compare the results with the old system.
To use this template customise the standard NetSuite balance sheet as follows
Note: account type and internal id have been added above as columns to the balance sheet report
Recomciliation template:
Repeatable Process: The reconciliation process becomes streamlined and repeatable, saving time and reducing errors when correcting any discrepancies.
Quick Re-checking: After correcting mistakes, the templates can be reused to quickly extract data and ensure all corrections have been made accurately.
Familiar Formats: The templates are designed in formats familiar to finance teams, making it easier for them to review and confirm the accuracy of migrated data.
By using these reconciliation templates, you ensure a more reliable data migration process, with fewer errors and a faster reconciliation period. Reference the example templates linked below to get started.
These templates will help facilitate the reconciliation process between systems. Once you have finalized your reconciliation templates, you can upload them for quick access here in GitBook.
