Planning for a Painless Bank Reconciliation in Dynamics 365 Finance and Operations

by | Updated September 26, 2019 | Dynamics 365 for Finance and Operations

One of my favorite features available with Advanced bank functionality is the automation of the reconciliation process. To get the most from this feature, good matching rules are essential. Therefore, if you anticipate using Microsoft Dynamics 365 for Finance and Operations Advanced bank reconciliation process, then you will want to pay attention to a couple of important configurations.

1 – Bank transaction types

Bank transaction types are a way to assign bank and ledger activity. They are vital to mapping transactions recorded in the operating system for comparison and matching to bank file transactions.

This configuration is located at Cash and bank management/Setup/Bank transaction types. A partial sample list is shown next in Figure 1.

Figure 1

2 – Methods of payment

are defined for both accounts payable and accounts receivable. Those configurations are established at Accounts payable/Payment setup/Methods of payment and Accounts receivable/Payment setup/Methods of payment respectively.

For each Method of payment, there should be a Bank transaction type assigned on the General fast tab. For example, if the method is Check and the description is AP check payments then the Bank transaction type should be 03 based on the list above.

The Payment control fast tab is also important to review. It has settings that ensure data consistency in support of matching system and external bank transactions. Following our example for an AP check payment, the following controls should be enabled as depicted in Figure 2.

Figure 2

The data configuration comes together when working with Reconciliation matching rules. When I create matching rules, I prefer to create them specifically with a 1:1 relationship between the codes. The following example (Figure 3) is a simple match for an AP check. There are many different settings and values that are used in reaching a higher matching ratio. Higher matching ratio = less manual review!

Figure 3

There are a number of other steps in setting up advanced bank reconciliation. We have skipped those in the interest of focusing on data relationships. If you would like to learn more about Advanced bank features, please reach out to the Stoneridge team!

As always, please test any new or updated business processes in an environment designated for testing before implementing in a live production environment.

Related Posts

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

Upcoming Events

september

02sep10:00 am10:30 amThe Modern Manufacturer - Cycle Count Management

02sep12:00 pm12:30 pmBest Practices for Work Order Planning and Routing for Field Service Companies

09sep10:00 am11:00 amWhat is Levridge? An Overview of the Ultimate Ag Solution

09sep12:00 pm12:30 pmOverview of Microsoft Promotion for NAV and GP Clients

10sep11:00 am12:00 pmConfab with Stoneridge - Livestream - Field Service Comparisons

16sep10:00 am10:30 amThe Modern Manufacturer - Product Lifecycle Management

16sep12:00 pm12:30 pmHow to Upgrade to Dynamics 365 Finance and Operations: Examining Custom Code and ISV Implications

16sep2:00 pm2:30 pmScheduling and Dispatching for the Modern Field Service Company

23sep12:00 pm1:00 pmDynamics 365 Business Central Wave 2 Release Preview - An Overview of the Most Exciting New Features Coming in October

24sep11:00 am12:00 pmConfab with Stoneridge - Livestream - The Modern Workplace: Teams, Sharepoint, Outlook, Office, and AI Integration

30sep10:00 am10:30 amThe Modern Manufacturer - Return Management

30sep12:00 pm12:30 pmEmpowering Your Field Service Technicians with a Mobile Solution

october

07oct12:00 pm1:00 pmThe Three Paths to Business Central from Dynamics GP

08oct11:00 am12:00 pmConfab with Stoneridge - Livestream - The Vision and Strategy of Microsoft Business Systems

14oct10:00 am10:30 amThe Modern Manufacturer - Complex Cost Modeling

14oct12:00 pm12:30 pmGenerating Custom Inspection or Process Forms

19octAll Day22Stoneridge Connect Fall 2020

22oct11:00 am12:00 pmConfab with Stoneridge - Livestream - Stoneridge Connect Recap

28oct10:00 am10:30 amThe Modern Manufacturer - Engineering Change Orders

About Stoneridge
Stoneridge Software is a unique Microsoft Gold Partner, with emphasis on partner. With specialties in Microsoft Dynamics 365, Microsoft Dynamics AX, Microsoft Dynamics NAV, Microsoft Dynamics GP and Microsoft Dynamics CRM, we focus on attracting the most knowledgeable experts in the field to our team, and prioritize delivering stellar solutions with maximum impact for your business. At Stoneridge, we are deeply committed to your results. Each engagement is met with a dedicated team, ready to provide thorough, tailored, and expert service. Based in Minnesota, we intentionally “step into your shoes,” wherever you are. We focus on what you care about, and develop trusting, long-term relationships with our clients.

Subscribe To Our Blog

Sign up to get periodic updates on the latest posts.

Thank you for subscribing!

X