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

by | Sep 24, 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.

0 Comments

Submit a Comment

Your email address will not be published.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

Upcoming Events

april

08apr10:00 am10:30 amLicensing Preparedness for Dynamics 365 Customer Engagement

08apr12:00 pm1:00 pmMaking Project Information Management (PIM) a Priority

08apr2:00 pm2:30 pmFeatures in the Spring Release of Dynamics 365 Customer Engagement Users Can Take Advantage of Immediately

09apr11:00 am12:00 pmConfab With Stoneridge - Livestream - Portals

13apr11:30 am12:30 pmStoneridge Connect Online Keynote: Business Transformations Throughout History

14apr8:00 am5:00 pmStoneridge Connect Online - Day 1

15apr8:00 am5:00 pmStoneridge Connect Online - Day 2

15apr1:15 pm5:00 pmWhat’s New for Developers in Dynamics 365 Finance and Supply Chain Management – Online Workshop

16apr8:00 am5:00 pmStoneridge Connect Online - Day 3

22apr11:00 am12:00 pmPower BI and Reporting with Dynamics 365 Business Central

22apr2:00 pm2:30 pmNew Features for Power Apps Users

23apr11:00 am12:00 pmConfab With Stoneridge - Livestream - Internet of Things (IoT)

29apr10:00 am11:00 amStreamlining Customer Service and Enabling Your Sales Team with a Self-Service Portal

29apr12:00 pm12:30 pmUpdates to the Dynamics 365 Customer Engagement User Experience - What Technical Resources Need to Know

may

06may12:00 pm12:30 pmPower Apps Telemetry and AI Builder - Power Platform Updates

06may2:00 pm2:30 pmImprove Customer Experience with a Mobile Workforce Management Solution

07may11:00 am12:00 pmConfab With Stoneridge - Livestream - Manufacturing

13may12:00 pm1:00 pm3 Simple Sets Your Business Can Take to Embrace the Future of B2B E-Commerce

21may11:00 am12:00 pmEnterprise Asset Management and Manufacturing

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