Reconciling Bank Accounts is Easy with Microsoft Dynamics 365 Business CentralWithout the right software solution, attempting to reconcile your business’ bank accounts can be a time consuming and difficult task. But, with Microsoft Dynamics 365 Business Central, reconciling your bank accounts is easier than ever. Do you have questions about Dynamics 365 Business Central? Are you looking to integrate Microsoft Dynamics 365 into your business? JourneyTEAM is here to help!
Reconcile Bank Accounts in Business Central in Four StepsIn this blog, we’ll walk you through the steps of reconciling your bank accounts in Dynamics 365 Business Central, including:
- Linking a bank account to your Business Central account
- Setting up an automatic bank import
- Matching transactions
- Reconciling the account
Linking Your Bank AccountTo get started, log into Business Central and select the Bank Account option from the top of your screen. On the Bank Accounts page, click the Bank Statement Service drop down menu, then select Create New Linked Bank Account. You’ll then be taken to a new window where you’ll have the ability to link an existing bank account to your Dynamics 365 account. You can either select your current bank from the list provided, or use the search feature if your bank isn’t displayed. Next, enter the user name and password that you use to access your online bank account and click the Next button. Any accounts associated with this user name and password will then be linked to your Dynamics 365 account.
Setting Up Automatic Bank ImportNow that you have your online bank account(s) linked with Dynamics 365, you’ll want to set up automatic bank import to ensure that transactions are imported into Business Central automatically. From the Bank Accounts screen, select the appropriate account and then click the Automatic Bank Statement Import Setup button at the top of the screen. Make sure the Enabled checkbox is selected, and enter the number of days you want included in your automatic import. You’ll then see that the Status column next to the corresponding bank account on the Bank Accounts screen indicates that the bank statement import is happening automatically.
Matching TransactionsNow that you’re importing transactions from your bank statements into Business Central, you’ll need to match the transactions to their corresponding invoices, credit memos, and so on as part of the reconciliation process. From the Business Central dashboard, click the Payment Recon Journals option at the top of the screen. Next, choose the account that contains the transactions you want to reconcile. You’ll see that Dynamics 365 Business Central will attempt to match transactions to various invoices, and will rate these matches with a confidence level of Low, Medium, or High. Click the Actions tab at the top of the screen, click the Post button, and then select Test Report. Business Central will produce a PDF report which provides you with a preview of what will happen if you post the current report, based on the resulting payment reconciliations.
ReconcileIf you notice that any transactions need to be adjusted, it’s easy to open those transactions directly from the Payment Recon Journals screen. You can then make the necessary adjustments and proceed to the next task on your to-do list. As you can see, Dynamics 365 Business Central’s account reconciliation functionality can help your business by:
- Removing the need for manual entry
- Improving reconciliation efficiency and accuracy
- Allowing you to reconcile your accounts more frequently
- Staying current with your bank accounts
Article by: Dave Bollard - Head of Marketing | 801-436-6636 JourneyTEAM is an award-winning consulting firm with proven technology and measurable results. They take Microsoft products; Dynamics 365, SharePoint intranet, Office 365, Azure, CRM, GP, NAV, SL, AX, and modify them to work for you. The team has expert level, Microsoft Gold certified consultants that dive deep into the dynamics of your organization and solve complex issues. They have solutions for sales, marketing, productivity, collaboration, analytics, accounting, security and more.