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Large bank rec - how do you use the bank rec module?

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  • For a user with a large bank rec (hundreds of transactions each month) how are they using the bank rec module?
  • Suggested answer
    YUN ZHU Profile Picture
    YUN ZHU 59,844 Super User on at
    RE: Large bank rec - how do you use the bank rec module?

    Hi, I think you can use the following standard feature.

    In W1:

    To fill bank reconciliation lines by importing a bank statement

    https://docs.microsoft.com/en-us/dynamics365/business-central/bank-how-reconcile-bank-accounts-separately#to-fill-bank-reconciliation-lines-by-importing-a-bank-statement

    In Netherlands Local Functionality

    Import and Reconcile Bank Statements

    https://docs.microsoft.com/en-us/dynamics365/business-central/localfunctionality/netherlands/how-to-import-and-reconcile-bank-statements

    Hope this will help.

    Thanks.

    ZHU

  • Suggested answer
    Dallefeld Profile Picture
    Dallefeld 11,415 UG Leader on at
    RE: Large bank rec - how do you use the bank rec module?

    Rob - great point. The more often you can do your bank rec, the lighter the load. I have had clients asked about auditors not getting a single bank rec. Auditors have unanimously stated that a closer watch of the bank account (reconciling daily or weekly) is always better than once a month.

  • Suggested answer
    Rob F. Profile Picture
    Rob F. 481 on at
    RE: Large bank rec - how do you use the bank rec module?

    We have the same situation with our main bank account.  We are using the Yodlee Bank Feed service, and our accounting staff create the bank recs at the beginning of the month and then each day they open them and import the bank statement transactions from the previous day and match what they can.  They use both automatic and manual matching (because some of our matches are many-to-one).  By the end of the month most entries have been matched, and then they use the function to send unmatched entries to a General Journal batch for items such as bank fees and interest income.  They enter the final ending balance in the bank rec header, make sure everything is balanced, and post the rec.

  • Suggested answer
    Dallefeld Profile Picture
    Dallefeld 11,415 UG Leader on at
    RE: Large bank rec - how do you use the bank rec module?

    If possible, use the automated bank rec which allows for the importing of the bank statement. Then you can use the Auto Match, leaving only the unmatched for you to have to manually reconcile.

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