To reconcile bank accounts in Business Central with statements received from the bank, you begin by filling in the left-hand pane on the Bank Acc. Reconciliation page with bank statement information that you then match (reconcile) with bank account ledger entries in the right-hand pane. A smart way to fill in bank statement lines is by importing a bank statement file or feed.
In North American versions, you can also perform this work on the Bank Rec. Worksheet page, which is better suited for checks and deposits but does not offer import of bank statement files. To use this page instead of the Bank Acc. Reconciliation page, deselect the Bank Recon. with Auto. Match field on the General Ledger Setup page. For more information, see the "Reconcile Bank Accounts" section under United States Local Functionality.
You can also reconcile bank accounts on the Payment Reconciliation Journal page. Any open bank account ledger entries related to the applied customer or vendor ledger entries will be closed when you choose the Post Payments and Reconcile Bank Account action. This means that the bank account is automatically reconciled for payments that you post with the journal. For more information, see Reconcile Payments Using Automatic Application.
To enable import of bank statements as bank feeds, you must first set up and enable the Envestnet Yodlee Bank Feed service, and then link your bank accounts to the related online bank accounts. For more information, see Set Up the Envestnet Yodlee Bank Feeds Service.
The lines on the Bank Acc. Reconciliation page are divided into two panes. The Bank Statement Lines pane shows either imported bank transactions or ledger entries with outstanding payments. The Bank Account Ledger Entries pane shows the ledger entries in the bank account.
The activity of finding and applying entries to be reconciled is referred to as matching. You can choose to perform matching automatically by using the Match Automatically function. Alternatively, you can manually select lines in both panes to link each bank statement line to one or more related bank account ledger entries, and then use the Match Manually function. The Applied checkbox is selected on lines where entries match.
You can fill in the Bank Statement Lines pane on the Bank Acc. Reconciliation page in the following ways:
When the value in the Total Balance field in the Bank Statement Lines pane equals the value in the Balance To Reconcile field in the Bank Account Ledger Entries pane, you can choose the Post action to reconcile the applied bank account ledger entries. Any non-applied bank account ledger entries will remain on the page, indicating that payments processed for the bank account are not reflected in the latest bank statement, or that some payments were received on checks.
If bank statement lines relate to check ledger entries, then you cannot use the matching functions. Instead, you must choose the Apply Entries action, and then select the relevant check ledger entry to match the bank statement line with.
The page offers automatic matching functionality that applies payments to their related open entries based on a matching of text on a bank statement line (left pane) with text on one or more bank account ledger entries (right pane). Note that you can overwrite the suggested automatic applications, and you can choose to not use automatic application at all. For more information, see the next procedure.
In the Transaction Date Tolerance (Days) field, specify the span of days before and after the bank account ledger entry posting date within which the function will search for matching transaction dates in the bank statement.
If you enter 0 or leave the field blank, then the Match Automatically function will only search for matching transaction dates on the bank account ledger entry posting date.
Choose the OK button.
All bank statement lines and bank account ledger entries that can be matched change to green font, and the Applied check box is selected.
Choose the Match Manually action.
The selected bank statement line and the selected bank account ledger entries change to green font, and the Applied check box in the right pane is selected.
Sometimes a bank statement contain amounts for interest or fees charged. Such bank transactions cannot be matched because no related ledger entries exist in Business Central . You must then post a journal line for each transaction to create a related ledger entry that it can be matched with.
On the Trans. Bank Rec. to Gen. Jnl. page, specify which general journal to use, and then choose the OK button.
The General Journal page opens containing new journal lines for any banks statement lines with missing ledger entries.
Choose the Post action.
When the entry is posted, proceed to match the bank transaction with to it.
Managing Bank Accounts
Setting Up Banking
Working with Business Central
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