Introduction
Reconciling your bank account is a crucial task for maintaining accurate financial records. Dynamics 365 Business Central offers a streamlined process to ensure that your bank statements align with your accounting records. This Dynamics 365 Business Central training post will provide you with a detailed, step-by-step guide on how to perform a bank account reconciliation in Dynamics 365 Business Central.
Step 1: Access the Bank Account Reconciliation Page
To begin the reconciliation process, navigate to the Bank Account Reconciliation page. You can do this by entering "Bank Account Reconciliation" in the search bar and selecting the appropriate option from the dropdown menu.
Step 2: Create a New Bank Reconciliation
On the Bank Account Reconciliation page, select the New action. This will open a new bank reconciliation card where you will enter the details of the reconciliation.
Enter Reconciliation Information
- Bank Account No.: Select the bank account you wish to reconcile.
- Statement Date: Enter the date of the bank statement you are reconciling.
- Statement Ending Balance: Enter the ending balance from the bank statement.
Step 3: Import the Bank Statement
You can import your bank statement directly into Business Central. To do this, select the Import Statement option in the ribbon. This will allow you to upload a file (usually in CSV or CAMT format) containing your bank transactions. Note: bank statement import needs to be configured for the Bank Account (see separate blog post).
Step 4: Match Bank Transactions
Next, you will match the transactions from your bank statement with the transactions recorded in Business Central.
Automatic Matching
The system will attempt to automatically match transactions based on date. Review these matches to ensure accuracy.
Manual Matching
For transactions that are not automatically matched, you will need to manually match them. Select a transaction from the bank statement side and find the corresponding transaction on the book side, then use the Match action.
Step 5: Enter Adjustments
Sometimes, there may be transactions on the bank statement that are not yet recorded in Business Central, such as bank fees or interest income. You will need to enter these adjustments manually.
Adding Adjustments
- Select a Bank Statement Line with a difference.
- Select Transfer to General Journal from the Ribbon.
- Enter the details such as the Account No. and Document No.
- Post the Journal.
Step 6: Review the Reconciliation
Once all transactions are matched and adjustments are entered, review the reconciliation summary to ensure everything is accurate.
Reconciliation Summary
- Statement Ending Balance: The ending balance from your bank statement.
- Balance: The balance according to your accounting records.
- Total Difference: This should be zero. If it is not, review your transactions to find any discrepancies.
Step 7: Post the Reconciliation
After verifying the reconciliation, you can post it to finalize the process.
Posting
- Select the Post action.
- Confirm any prompts to complete the posting.
Conclusion
Bank account reconciliation in Dynamics 365 Business Central is a straightforward process that ensures your financial records are accurate and up-to-date. By following these steps, you can efficiently reconcile your bank accounts and maintain the integrity of your financial data. If you encounter any issues, consult the detailed help resources available within Business Central or reach out to your system administrator for assistance.
With regular reconciliations, you can prevent errors, detect fraudulent activity, and ensure that your financial statements reflect the true state of your business. Happy reconciling!
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