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124 - Bank Reconciliations Pt. 2 in Dynamics NAV 2018


Bank Reconciliations Pt. 2 in Dynamics NAV 2018

We want to keep going on bank reconciliations, there're actually automatic connections to the bank. Previous video I connected to Yodlee which is an automatic service and now transactions are moving back and forth we are just gonna keep going on that. One thing I did not go into last time or maybe went quickly through but like we link these bank accounts to a bank account out in the cloud basically through a service called Yodlee and I can go ahead an hook up another bank account very easily for example, I go here in the create new bank link account.

It connects to Yodlee and then asks me, which one do you want to connect to?, and as long as I have credentials to log into, like for example here in American express, I can just log in and connect it like that. Hook it up to a bank account in NAV and keep going, so it's fairly simple. Really I Actually like this user interface. Bank reconciliations lets do a bank reconciliation, this video is about that.

New bank rec
If I go here into bank recs, hit new, bank recs are a little bit different than they use to be in the order NAV, I’m just gonna pick the bank account to bank rec for and it brings up this screen here, where I have on the left-hand side the bank statement from the bank, and the right side I have the bank account entries that I have so far in NAV. And the goal of bank recs is to make sure that these match, so the bank is always tied to what's in the system.

Instead of typing up the banks in here which I obviously could do, I can just go ahead and import it, since I’m connected and I’m gonna take a full year here, ad its goes and looks for transactions in the bank and imports that. Now in order to match these, like which ones goes to which, I can manually do that, like select one here, and hit match manually and now is matching it.

Matching automatically with tolerance
But it tell me that there is a difference obviously these don't go together, I’m making a mistake here and the whole goal of bank reconciliations is to make the difference go down to zero here, this column, so I’m gonna just remove this. But what about matching automatically? We just go into that, it brings me up a table here or a form asking to date tolerance, so what that means is that sometimes you might deposit into the bank a day later than you booked it into NAV or the days can be slightly off.

So this is basically saying I’m going to try to find matches but give me a tolerance in days maybe one day back and forth will be ok as long as they both match. I’m just gonna give that and now it goes through and actually matched out this transaction here perfectly with the transaction. Which looks like its right.

What about the rest here?, I obviously have a difference which I have to do something with, so what I can do is go ahead an transfer that just to a journal, we are gonna get it to the cash receipt journals, hit ok, and then I get these transactions here, I can then put them on different document numbers it's just a little pet peeve I have, and I’m gonna say its all for the cash account .

But obviously you could here put up what vendor it was or a customer it was, etc, so you can tie it properly. But basically you’re just booking the transaction here that you were missing, this could be a bank chart for example and then just transfer it here and book it. So I’ll post it and now it goes through and then I close it and go back here, you can see now the transactions came into the bank. So I booked them and there are in the bank.

Now I can just match this automatically, just give one actually zero would be fine, now all of them are matched here, and all of them are matched here. So we should be good that actually just posting this bank reconciliation because that’s clear, as long as you put in the statement ending balance matching out a total balance, etc.

This is how easy it is to do bank reconciliation today, a lot easier than it used to be and obviously with automatic matching makes it just fantastic so enjoy.

 

 

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