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Deep Dive: Expensify Card and NetSuite Auto-Reconciliation: How it works!

Ted HarrisTed Harris Expensify Success Coach - Admin Posts: 260 Expensify Team
edited June 17 in Deep Dive Docs

If you are using both NetSuite and the Expensify Card, we will automatically reconcile your expenses daily in NetSuite.

How this works:

  1. First, select your existing NetSuite bank account for reconciliation (in Expensify) under Settings > Domains > Company Cards > Settings. This account will need to be the same account as the daily settlement Business Bank Account (shown in your Settings > Your Account > Payment settings).
  2. During the very first sync after the card is set up, we will create the Expensify Card Liability account and the Expensify Clearing Account within your NetSuite subsidiary general ledger.
  3. In the same sync, if there are pending transactions, we will then create a journal entry with the total of all pending transactions for the day. This will credit the bank account selected and debit the new Expensify Clearing account.
  4. Once the transactions post and the expense report is approved in Expensify, the report will be exported to NetSuite with each line as individual credit card expenses and an additional journal entry will credit the Expensify Clearing Account and Debit the Expensify Card liability account. 

Example:

We have card transactions for the day totaling $100, so we create the following journal entry:

The current balance of the Expensify Clearing account is now $100

The transactions Posts in Expensify so we create the second Journal Entry:

We then reconcile the matching amounts automatically which clears the balance of the Expensify Clearing account.

You will now have a debit on your Credit Card account (increases the total spent) and a credit on the bank account (reduces the amount available). The clearing account has a $0 balance. 

Each expense will also create a Journal Entry exactly as we do today, exported upon final approval. This will debit the expense account (category) and contain any other line item data.

This process will occur daily during the NetSuite Auto-Sync to always keep your card reconciled.

Note: Right now, only Journal Entry export is supported for auto-reconciliation. This is set on the Expensify Card, so feel free to set whichever other export option you like for all other non-reimbursable spend in the Configure > Export tab. Look out for Expense Report export in the future!

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