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125 - Bank Reconciliations Pt. 3 in Dynamics NAV 2018


Bank Reconciliations Pt. 3 in Dynamics NAV 2018

We did connect to an automated service Yodlee, that was great, and then we actually did a bank reconciliation which is the whole point of this, but now we are gonna talk about something that is even cooler that bank reconciliations, but it has to do with bank reconciliations.

I always like when companies are pushing the envelope a little bit, you can develop bank reconciliation simply like make it work there, ok it's done. But you know, let's do it really, you know something different, let's be more innovative, let's make it more automatic and intuitive and I think that what we have right now in NAV new is really cool. I think it helps with that.

Payment reconciliation journal
There is something called payment reconciliation journal, good stuff, if you get into one of the banks here, I created two journals, one for the operating bank and one for the USD bank, go into the USD bank here I get into a payment reconciliation journal, what is this?, this is a way to download payments from your bank, payments could also be deposits and math tem out right away and when you match them out they go to the bank rec, so you don't have to do a bank rec on that again if you don't want to.

What I’m gonna do know is get automatically some transactions, so I go into here, import bank transactions and I get it for one year here, always of course. Now I’m working with the test server Yodlee and this test server gives me only like four transactions with the transaction text description or desk. Which is terrible, but alright, it would be nice to get some more interesting data out of there.

Match payments
What will work with that, this is different dates, I get them in here, these are the payments and I now want to match them, I can match them manually by going here and I basically get a list of all open transactions and I can find a transaction with the amount here. And apply it, just hit ok.

What I can also do, is say apply automatically, click on that, the system actually searches through all of the transactions you have, finds if anything matches the day and the amount and matches are out. So here it says oh, I was able to match everything out. I have here a transaction, the bank account cannon group and then I have also cannon group cash transactions for the bank accounts for these.

So they all match out. If I actually go into apply manually here, I can see where this is applied, you can see right here, there was a transaction with a description for that amount that was matched out so that's pretty cool.

Now, once I’m done with that, I can only post the payments and reconcile the bank account so that means that when I post this, it’s off my bank rec I don't have to bank reconcile it its done, Also the payment is posted in the system, you're done with that too, so that's really cool, you quickly get to what you need to do.

Bank transaction details 
Here is some interesting stuff, you can actually click on bank transaction details and you can get all the data that comes from the bank, so here you get stuff actually out of the web services like transaction ID etc. That could be useful for some interesting scenarios.

Finally, in matching this out, let's say it doesn't find any matched in the system and you haven't posted this, and you want to post it. So it's not gonna match it on the system because it doesn't exist. You can actually map text to accounts, so I can say the description here always is the cannon group. I’m setting up a rule, that this text shows ups in the transaction, just put the balancing source as the cannon group.

If I actually do that you can see that it changed it and now it mapped it to the cannon group; it actually keeps this one because I think it was mapped to the Cannon group in the bank account; It automatically matches out very nicely. Now what do I have a problem with here?, I actually have a couple of problems with this, first of all, you usually want to have dimensions in this, and you can actually have dimensions, for example, if I have the department code, just add the department code, close this out, come back in again.I have the department code here, I’m getting sales, it's just coming from a customer, that's great.

But I might want to have the text tell me a dimension. And here I should be able to say not only customer but also dimension. But no, I can't do that, so Microsoft come on, we need this, maybe I can post something so they can add it. Or this is an opportunity tab there.

Missing in there but I don't think it a big deal, you can just fill them out on this side. Ultimately you post or accept the applications and you're done so this is fantastic. Its really cool and good jot to add this.

 

 

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