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123 - Bank Reconciliations Pt. 1 in Dynamics NAV 2018


Bank Reconciliations Pt. 1 in Dynamics NAV 2018

I’m gonna go over Bank reconciliations today, I have an old video for bank reconciliations, not to happy about that video and I’ve kinda been waiting to redo that properly and now this is the chance, we are actually doing deep dives and so we are gonna deep dive into the bank reconciliations and actually bank synchronization in general.

In later versions of NAV you were able to connect the bank to an automated service, or basically connect NAV through a service to your bank and download the transaction and actually synchronize actions. So we are gonna show you how to do that.

Connect Bank set up
The first thing is to actually set that up because once you set that up, everything else becomes really easy and so if I actually go here into services extensions and service connections I do have two ways to connect my bank.

One is called Bank data conversion service set up which goes to I think AMC which is a service provider, and then there is another on here called Envestnet util or Yodel bank feed service. So I decided to use this Envestnet, its a new one and I was just curious to figure out how it works.

Setting this up is not obvious, if I actually go here into setup, this video will be kind of on setting it up,I have all of these things I got to fill out, I got cobrand, name, Cobrand password, I got consumer name, consumer password, email address and then I have to enable it and all of that, then test it and make sure it all works.

So where do I get his information? And notice there is really nowhere to go to actually find this. Which is not great, so Microsoft please give more information about this. Or you could just watch this video guys and then you’ll find out how this works.

After poking around, I started, of course, going to Yodlee.com which is the service and they actually do have solutions here and I had no Idea which solutions I was supposed to use but there is something called fastLink, a fast link is the process that we are using.

It does all kinds of interesting things that I didn't really care about, but I thought ok we'll just jump into development product. I went there and here you can actually register. If I register here, you can create a new account and once you create it (I’m not gonna go into it because it actually has my personal information there) you will get the information you need to fill this, you get the cobrand name, the cobrand password, the consumer name and the consumer name is actually here, there are a couple of test accounts that give you consumer names.

And if you actually open a real account, you can create a consumer that connects to a bank, so that’s how it works, the consumers are connecting to the banks. It's really is easier than all of this so please don't be alarmed, just go ahead and register and try it out.

Link the operating account
After I actually created this and connected that, I can then go into bank accounts and I can link the bank account. Here I have a list of all of my bank accounts, I can link my bank account to the bank accounts that are listed for the consumer, which you set up. Here I actually have one that I haven't linked which is a Credit card, and I can link that for example through the operating account I have linked already two, but this is how it would come up. It actually looks out for accounts in Yodlee, lists in here and I can actually link it here.

Basically what I have already done, is I have linked the operating account here and I linked the USD account. So that is actually working. Now I’m just gonna show you how this link works, and if I go into finance, there’s something called payments reconciliation journal, the idea behind that is to take a look at all the payments that are coming into the bank account and applying them to transactions.

I could actually just go here and say, import bank transactions, and then I go and look at them, I’m gonna do the operating account ( I know there is one transaction in there but anyway) say ok, then it asks me what period do you want to look at?, I’m gonna go from 17 to 18, look at the entire year.

Now it goes out to Yodlee and finds one transaction here obviously there would be more transactions for you and it creates a payment reconciliation journal for that, notice that is just created here and it allow you to start applying this payment to transaction, so that will be the kind of gist of the next video but I hope you get the Idea of how I actually set up the Yodlee. You have to go to the website, go to development portal, you have to set up your account there, link that and then connect it to this to download transactions.

I hope that was worth watching and got something out of it. In the net video, we’ll actually go more detail on how we can reconcile payments and do bank reconciliations.

 

 

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