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RSM US LLP

Electronic Banking in ERP Software – Why Not?


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Many people have been reconciling their bank accounts online at home for years, but amazingly there are still plenty of companies not taking advantage of this easy-to-use capability provided by most banks and many accounting systems, including Microsoft Dynamics GP.   Once the Electronic Bank Reconciliation process is setup and tested, organizations can reconcile their cash accounts as often as they like – some clients even like to do this daily, especially when cash flow is tight.

Bank reconciliation is the easy part.  But to really take it to the next level, consider using the SafePay feature of Microsoft Dynamics GP.  This software helps to reduce fraud by notifying the bank of all checks which have been issued.  Using the bank’s “positive pay” service, no checks will be paid without your prior electronic authorization.

Finally, EFT and Lockbox Processing allow companies to pay their vendors and receive payment from customers electronically – eliminating the need for the extra step of printing and mailing checks, or depositing paper checks.

All of these capabilities are included with the Advanced Management version of Dynamics GP – why not use them?!   For help getting the eBanking suite set up, or for any questions on the capabilities, contact erp@rsmus.com.

By:  Michele Juliana, RSM McGladrey, Microsoft Dynamics Gold Certified Partner Metro NY

6 Responses to “Electronic Banking in ERP Software – Why Not?”

  1. Aaron says:

    Surprisingly, in our experience, there are many banks themselves that are still using old-fashioned manual file folders and hard copy files to manage their own records. Its interesting to study how many banks offer such outstanding services to their own clients (both personal and business accounts), but neglect the workflow optimization of their own operation through core synchronization. Any other software vendors out there that are seeing this, especially with smaller community banks?

  2. ERP Software says:

    Very nice blog and more informative.
    And i think you are saying right about implementation of ERP Software for electronic banking.