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126 - Bank Reconciliations Pt. 4 in Dynamics NAV 2018


Bank Reconciliations Pt. 4 in Dynamics NAV 2018

We keep going on bank stuff, this is sort of in the sequence of bank reconciliations and I am gonna widen the scope a little bit, what I want to talk about is positive pay. I’m not sure if everyone knows what that is but its important in NAV, I’m gonna tell you what it is and how it works.

If we go here into the start with finance here, I’m just gonna go into a payment journal and into bank payments here, edit the journal. I’m gonna right one manual check. So if I go in here, I’m gonna send it out, let's say the check number is 123456, account numbers London postmaster, Payment method is check, it's for 1,200 and bank payment type is manual check.

Positive Pay
When we write checks out the bank, we mail them out, this is more popular in the US than probably anywhere else in the world. You mail out the check, the check is somewhere out there, somebody can pick it up and try to cash it, by trying to steal the money etc. So how can you make sure that the proper person is caching the check? there really is no good method, except positive pay.

Positive pay allows you to notify the bank that you cut this check and the bank should be on the lookout for that check to be cashed by that person. So first of all, obviously it knows which person is supposed to be cashing the check, it also knows which checks you wrote so that people don't take empty checks stock. I guess is more for that, if people take an empty heck stock write their own checks or falsify the checks and try to cash them. If the amount stone matches the date or something like that, the bank will reject it if it's on positive pay. So it's a security measure and its supported by NAV.

Positive pay export
We get this check, we are gonna post it, so that means I wrote this check as manual, its posted in the system and know I can actually go into the bank account which is operating and I can go here into positive pay export, so I’ve written two checks, one for 800 one for 1200 and I can basically just give it the upload date, last upload date. So it filters everything that I wrote and then I can export it out and it exports into a file and that file you just upload to the bank.

Now I wish Yodlee or some other service could automate this, so they just send it all over without a problem, but It doesn't look like it's doing that. That could be modified in the system for you, but this is file uploads. On top of it being a file upload, what you need to do in order to set this up, you actually have to specify the positive pay export format here, on the bank account.

So if I go in here and try to set one up, out of the test system or CRONUS system, there is none. None to be found. If I actually look up here and it's filtering by positive pay and the bank export import setup, it doesn't find anything, If I actually release the filter just to show you what things are being set up here. This is all of the SEP act stuff and you can see here Envest Yodlee is setup, etc. But positive pay for some reason is not in the basic test database. So you’d have to find that, maybe your partner can help you with that set up the positive pay with the bank, but the structure is there to actually get it out of the system.

Microsoft, it will be great if you just sent it to a service like Yodlee, maybe they don't do it, I don't know, but Yodlee seems to be better at getting the transactions from the bank and being reconciled rather than actually pushing it out. So I hope you get something out of this, it clarifies a little bit how things are set up in NAV, positive pay is very important. If you guys are not using that today I would definitely move forward using that for a security sake so until next time.

 

 

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