Business Made Easier.
Bank reconciliations are certainly not anyone’s favourite topic.
Neither for a business owner or financial manager like to deal with matching balances and reconciling statements. Dynamics 365 Business Central, however, has a solution to make this daunting task quicker and easier.
The main goal of Business Central is to help make running a business easier and less stressful for you and everyone in your company, so you can rest assured that many hours of work and planning have gone into creating a platform that will ease the stresses you could face while running your business. You can gain some extra hours in your day with the easy to use automatic or manual reconciliation processes. This allows you to focus on the other tasks that require more of your attention.
You probably already know about Dynamics 365 Business Central easy to use application wide search feature. By pressing the ‘Alt’ & ‘Q’ buttons on your keyboard, or selecting the light bulb icon in the top bar, the search bar will appear. From this screen, you can search the entire platform of Business Central to find any function, system or reporting you would want to access.
The smart search feature would be able to bring up accurate results even for a vague search term. This will help when you are in a rush or you can’t remember the full term for the feature you are looking for.
Steps To Reconciliation
When you select the Bank Reconciliations Tab, you can create new accounts. For the purpose of this tutorial, we already had a Bank Account B010 setup during our configuration process. You can create new accounts by simply selecting the ‘New” button and filling in all the information as needed.
If you go select the account, you can see the statement date and account balances etc, and all the information you would have needed for this account.
Import Bank Statements
From here, you can import a bank statement simply by selecting ‘actions’ in the bar above the account information. Some options will appear, you can select ’bank’ and then select ‘import bank statement’. This will import all the new statement information into the statement lines. We can import the bank statement, go to ‘Actions’, ‘Bank’ and select ‘Import Bank Statement’ into the bank statement lines.
Here is a sample line with the payment to a vendor and on the right-hand side, you can see the Bank Account Ledger Entries for this specific bank.
So in order to reconcile these transactions to each other, all you need to do is highlight the specified line with the transaction, select ‘actions’ and from the options that appear, you can select ‘matching’. You can choose between automatic and manual matching, ‘manual’ if you want to manually match the bank statement line to the bank account ledger or ‘automatic’ if you want Business Central to do it for you.
If you select ‘automatic’ then you will see as indicated by the highlighted fields, these transactions have now been reconciled and you can then post the reconciliation or select more lines to repeat the above steps on.
Start Using Microsoft Dynamics 365 Business Central
If you want to start using Microsoft Dynamics 365 Business Central, reach out to us on email, or via our website, or on social media. Dynamics Africa has the largest channel of experienced Dynamics partners on the African continent. With decades worth of experience in a variety of industries, our partners have what it takes to get you up and running in no time!