NetCash Go-Live Process
Overview
As part of the initial setup, a user must set up the Go-Live for all bank accounts, including any applicable cutover items.
Step By Step Process:
Here is a training video that walks through the NetCash Go-Live process.
- Navigate to NetCash > Setup > Go Live
- Confirm that all applicable bank accounts are presented
- If additional bank accounts are needed, follow the instructions in the Automatic Bank Connection Setup article or Manual Bank Connection Setup article
- Select the name of the account that is ready to go-live
- On the details screen, ensure the following fields are populated:
- Cutover Date: the date when the user will start using NetCash to perform bank reconciliations. Bank transactions will not be pulled in prior to this date. The first day of the month is recommended.
- Initial Balance: the balance of this bank account at the end of the day prior to the cutover date.
- GL Account: This is the GL account that corresponds to this bank account. This GL account can only be associated with a single bank account record.
- Rounding GL Account: This is the account that will be used if a match is made between a bank transaction and a GL transaction where there is an amount difference. The difference will be booked to this rounding GL account.
- Other optional fields, such as default segments, reconciliation approver, and validations, can be populated if desired. For more information, see the bank account setup article
- Next, pull in the Cutover Date GL Balance by selecting the refresh button:
- If there are no differences, then the user is ready to start reconciling the bank data from the cutover date forward!
- If there are differences, then cutover items are required prior to starting reconciliations
Step by Step Cutover Item Creation
- If there are differences between the bank balance and GL balance as of the cutover date, then the transactions creating the difference need to be identified. For more detailed information on cutover items, including specific examples and FAQs, please see this article
- To create cutover items, select the carrot under the Cutover Item column:
- The Cutover Item screen will automatically filter for the period prior to the cutover date and show transactions in that period that could account for the difference
- If the difference is caused by the items identified by the system, then you can select them from the list beneath
- Once you have selected the applicable items, select Submit
- Once you have selected the applicable items, select Submit
- The system will then create the journal entry to move the balance into the cutover period so that it can be matched. See an example journal entry below:
- Additionally, you will be able to see this item under the "Created Items" tab in the Cutover Items record:
On the Go-Live screen, the Cutover items will now be listed, and the difference will be reduced by those Cutover items
- Alternatively, there may be a need to create the transactions for items that cannot be identified in the system, or the amount may need to be written off
- Once all cutover items have been created and the differences accounted for, the user is officially ready to start the bank reconciliations from the cutover date forward!