Retrieve your online bank feeds with Dynamics 365 for Financials

Did you know that with Financials you can connect to more than 85% of the online banks in the US and download electronic bank feeds for use in bank reconciliation, thereby avoiding tedious, manual reconciliation, reducing errors, and ensuring that your data is refreshed on a frequent basis?

If you didn’t already know that, this blog post will help you get started.

Note: To try it out with your own bank account, you must switch to the trial company, My Company, where you can use your own data. The default company, CRONUS, that launches when you first log in to Financials does not have electronic bank feeds enabled. For more information, see Welcome to Dynamics 365 for Financials".

Setting up a bank feed for your company bank

When you log into MyCompany for the first time, a Company Setup wizard will guide you through setting up the basic company information, including using a bank feed service. 

When you enable the feed in the Company Setup wizard, you'll have to search for and select your bank, and then authorize the Envestnet Yodlee third party feed service to access your bank data in the Envestnet Yodlee Bank Account Linking page as shown in the following screenshot: 

Once you've specified your bank, you can view the accounts you have in that bank and choose which accounts you want to link to Financials. This link enables bank feeds so you can import bank statements automatically.

Managing and adding additional bank accounts and feeds

You manage your bank feeds in the Bank Accounts page. When you enable the feed, a new section displays in the ribbon with actions so that you can create a new bank account in Financials based on the online bank feed, link already existing bank accounts to online bank feeds, unlinking online bank account feeds, or set up automatic download of feeds on a regular schedule, such as beginning of each week.

Reconcile using bank feeds

When you reconcile bank accounts, you can download bank feeds on demand, as well as process automatically downloaded feeds if you have set up any. In the Payment Reconcilliation Journal, you can import bank statements based on your bank feeds, and Financials will automatically suggest how payments are applied to ledger entries. You can change the application before you post. For more information, see How to: Reconcile Payments Using Automatic Application.

Alternatively, you can import bank statements to the Bank Account Reconcilliation window and reconcile the statements with your ledger entries there. For more information, see How to: Reconcile Bank Accounts Separately.