Microsoft D365-Business Central-Financial Management -

Microsoft D365-Business Central-Financial Management

Locus IT ServicesMicrosoft D365-Business Central-Financial Management

Lesson 5: Cash Management – Bank Reconciliations

Bank Reconciliations

Cash Management – Bank Reconciliations: In Business Central, one of the fastest ways to register payments from the Payment Reconciliation Journal page by importing a bank statement file or feed. The payments are applied to open customer or vendor ledger entries based on data matches between payment text and entry information. You can review and change the matches before you post the journal, and close bank account ledger entries for ledger entries when you post the journal. The bank account is reconciled when all payments are applied.

Other pages exist where you can either apply payments or reconcile bank accounts:

  • The Bank Account Reconciliations page, where you reconcile bank accounts by matching imported bank statement lines with your system bank account ledger entries. Here, you can also reconcile check payments. For more information, see Reconcile Bank Accounts Separately. Here, you cannot apply payments.
  • The Payment Registration page, where you can manually apply payments received as cash, check, or bank transaction against a generated list of unpaid sales documents. Note that this functionality is available only for sales documents. Here, you cannot apply outgoing payments, and you cannot reconcile bank accounts.
  • The Cash Receipt Journal page, where you manually post receipts to the relevant general ledger, customer, or other account by entering a payment line. You can either apply the receipt or refund to one or more open entries before you post the cash receipt journal, or from the customer ledger entries. Here, you cannot reconcile bank accounts

Other aspects of managing receivables include to collect outstanding balances, including finance charges and reminders, and to set bank accounts up to allow customers’ payments to be withdrawn from their account automatically.

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.

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