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Bank Reconciliation and Balance Sheet Reconciliation Software

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Posted on by MGB-2023 5

In November 2021 we implemented D365 F&O and were advised by our consultants not to turn on the advanced bank reconciliation (they experienced problems with this in the past, and once switched on, it cannot be switched off).  Therefore, this functionality has not been switched on.

Since going live we have struggled to keep up with the bank reconciliation due to the volume of transactions, and would like to implement a system solution (whether D365 or a bolt-on)

We would also like to implement a better process around our balance sheet reconciliations, which are currently Excel based.  We are looking for a software solution that would extract transactions from predetermined balance sheet accounts, match entries, allow the user to add notes and documents, and then route through a workflow for approval.

With the two requirements mentioned above, bank reconciliation, and balance sheet reconciliation, we are looking for a software solution that captures both.

Does anyone have any experience of either a D365 solution, or a D365 software bolt-on solution, please?

Categories:
Financial Management
Data Integration
  • CU07051624-0 Profile Picture
    CU07051624-0 on at
    Bank Reconciliation and Balance Sheet Reconciliation Software
    Absolutely! When it comes to bank reconciliation and balance sheet reconciliation software, it's essential to choose a solution that is user-friendly, efficient, and kosh.ai offers robust reporting capabilities.  These platforms not only save time but also provide valuable insights that can help in making informed business decisions. Investing in such software can greatly enhance the financial management practices of any organization.
  • JamesT Profile Picture
    JamesT 341 on at
    RE: Bank Reconciliation and Balance Sheet Reconciliation Software

    Hi MGB-2023

    • I have clients that have implemented Advanced bank reconciliation.
      • No issues
      • But there are considerations that impact on the implementation and potential benefits.
        • Does your bank provide the bank file in a format that is standard?  If not then you will need a Technical consultant to provide for the Bank format you need.
        • Standard solution doesn't import the file direct from the bank you need to manually load it.  Some clients want direct integration.
        • Will the "Matching rules" that you can setup in standard meet all your business requirements
    • SK Global ISV solution provides for
      • More advanced bank reconciliation functionality
      • Enhanced matching rule capability
      • Direct integration with banks
    • Backline Reconciliation software is more than likely what you are after for the Balance sheet reconciliation (note however it won't be cheap)
      • As one of other users noted the LEDGER SETTLEMENT is what is in Standard. 
      • Maybe if this doesn't have what you want you might consider making some Technical changes to enhance it - might be cheaper than an ISV

    Regards

    James

  • MGB-2023 Profile Picture
    MGB-2023 5 on at
    RE: Bank Reconciliation and Balance Sheet Reconciliation Software

    Thanks Frank.

    Yes, we already use the settlement functionality - which is good, as it reduces the transaction listing (unmatched entries).  It just doesn't provide the full functionality that we're looking for.

  • Suggested answer
    Frank Hamelly | MVP, MCP, CSA Profile Picture
    Frank Hamelly | MVP... 3,505 Super User on at
    RE: Bank Reconciliation and Balance Sheet Reconciliation Software

    I don't have experience with those apps either MGB.  I'm not sure how they work.  A feature you might look at in F&O is Ledger settlement.  I've never used if before either, but it provides a way to settle GL transactions against each other, which might work as a reconciliation process.  

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  • MGB-2023 Profile Picture
    MGB-2023 5 on at
    RE: Bank Reconciliation and Balance Sheet Reconciliation Software

    Hi Frank,

    Yes, that's correct - they are GL entries.  I've worked at numerous companies, and it's a common requirement in Finance to have balance sheet reconciliations that cover all balance sheet accounts.  I know there are companies out there that provide this type of software, but I don't have any direct experience in using them.

  • MGB-2023 Profile Picture
    MGB-2023 5 on at
    RE: Bank Reconciliation and Balance Sheet Reconciliation Software

    Thanks Billur.  Very helpful information.

  • Frank Hamelly | MVP, MCP, CSA Profile Picture
    Frank Hamelly | MVP... 3,505 Super User on at
    RE: Bank Reconciliation and Balance Sheet Reconciliation Software

    I'm a consultant, so I don't use it day-to-day but I've never heard of any serious issues using Advanced bank rec.  And, BTW, you can turn off Advanced Bank rec once it's been activated but that has to be done via code.  It can't be accomplished from within the F&O user interface.

    AS for your accruals and prepayments, etc., there's no sub-ledger where those transactions originate from, is there?  They're just GL entries?

  • Suggested answer
    BillurSamdancioglu Profile Picture
    BillurSamdancioglu 13,204 Super User on at
    RE: Bank Reconciliation and Balance Sheet Reconciliation Software

    I used advance bank reconciliation and haven't had any issue. Just sometimes you may have issues with the file format which can be managed by ER. And if the statement of that day has no lines, may have an issue. And if there is two dates in the file,  one is a transaction date and the other is an issue date,  you may have issues.

  • MGB-2023 Profile Picture
    MGB-2023 5 on at
    RE: Bank Reconciliation and Balance Sheet Reconciliation Software

    Thanks for your response, Frank.

    Do you use the advance bank rec? If so, what do you see as potential issues that our consultant may have had experience of, please?

    For balance sheet reconciliations, yes I agree that the AP and AR modules have adequate in-built reconciliation.  We have many other balance sheet accounts, for examples accruals, prepayments, accrued income, deferred income...  

    Thanks for your help  

  • Suggested answer
    Frank Hamelly | MVP, MCP, CSA Profile Picture
    Frank Hamelly | MVP... 3,505 Super User on at
    RE: Bank Reconciliation and Balance Sheet Reconciliation Software

    D365 Advanced bank rec is an adequate tool for semi-automating bank reconciliations.  It's not as powerful as say, SK Global's Treasury Automation Suite, but it does the job.  

    Which balance sheet accounts do you want to reconcile?  D365 has reconciliation reports built in for A/R, A/P, and Bank accounts.  You'll find these reports under Periodic tasks in each module, ex: "Vendor to Ledger reconciliation".

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