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Bank reconciliation in North American versions is now done through the standard Bank Reconciliation page, which has been improved to support the same tasks as the Bank Rec. Worksheet did in those versions. The Bank Rec. Worksheet page that was specific to North American versions will be removed in April 2023.
Feature details
Bank reconciliation in the North American (NA) versions for the United States, Canada, and Mexico can be done either through the standard Bank Reconciliation page or with the Bank Rec. Worksheet page, which was missing some of the newer features that the Bank Reconciliation page offers. To standardize the bank reconciliation process, we have modified the Bank Reconciliation page, added a feature for deposits that is the same as we provide for the NA version today, and added capabilities to allow users to reconcile deposits.
In addition, header and footer fields help ensure that users have the same overview of outstanding checks and payments as they had in the NA versions. The Bank Statement Report (posted bank reconciliations) is improved to show more detailed information on the G/L balance and outstanding checks and payments than the current NA version of the Test reports. The standard version of the Test report is improved accordingly.
In the standard side-by-side bank reconciliation, all users can import bank statements (.csv files), use automatic matching, post and reconcile deposits, and get a better overview of related data during bank reconciliation through on-page information such as a test report as well as a more audit-friendly report for posted bank reconciliations.
A standardized version of deposits, called Bank Deposits, is available to all users. When you turn on the standardized bank reconciliation feature on the Feature Management page, you will also turn on Bank Deposits. You can still view posted deposits made with the old feature.
If you have used the Bank Reconciliation Worksheet page to do bank reconciliations you can still review your posted bank reconciliations and print reports for them.
In April 2023, users must use the Bank Reconciliation page for bank reconciliations. The Bank Rec. Worksheet and Deposits will no longer be available.
How to use the new page
Below is an overview of how to use the new Bank Reconciliation page for bank reconciliations.
This can be completed manually or you may import a file from your bank.
- To start a new bank reconciliation, go to Cash Management>Bank Account Reconciliations
- Click New and select the bank account
The new version of the window will display:
- Transactions that have been posted to the bank account in Business Central will display on the right side of the window. These are called Bank Account Ledger Entries.
- The left side of the window is for the transactions that have been posted to the bank statement. These are called Bank Statement Lines.
- The goal will be to match the transactions on the left to the right.
To populate the left hand side, you may complete this manually or import a file.
To complete manually
Click Suggest Lines on your home tab:
Enter a starting/ending date and click OK
BC will populate the Bank Statement Lines and attempt to auto-match to the Bank Account Ledger Entries that have been posted in BC.
Then you will just need to unmatch anything that hasn’t cleared on the bank statement yet.
We will use the check to Microsoft on 3/31/23 as an example of a transaction that isn’t on the bank statement yet.
Select the line on the left and click the three dots to choose delete line:
This will remove the line from the left hand side and the check will show as outstanding on the right side since it isn’t matched to any Bank Statement Lines:
A couple other features to take note of:
You many also manually enter a Bank Statement line instead of using the Suggest Lines menu just by typing in the information from the bank statement:
During the initial Suggest Lines process, if you do not want BC to automatically try to match everything this setting can be changed on the Bank Account Card:
Now if I click Suggest Lines on the home tab the transactions are not automatically matched:
I can go to the Matching tab and choose Match Automatically to have BC automatically match them.
Or I can select the line on the left and select the line on the right and go to the Matching tab and choose Match Manually to match them myself:
They are now green since I have manually matched them:
After I have matched everything, I can go to the Home tab and choose Post-Test Report to view a report and make sure there are no differences
Below is an example of the test report:
I am now ready to go to the Home tab and choose Post-Post or Post and Print to post the bank reconciliation.
Import Bank Statement File
Another option is to import the Bank Statement
Below is an example of a file from the bank. Contact Crestwood Associates for help setting up the Bank Statement import format.
Instead of going to Home-Suggest Lines, go to Bank – Import Bank Statement:
This will import the transactions from the file automatically on the left-hand side:
The transactions can then be automatically matched using the same process as outlined above and the rest of the bank reconciliation process is the same.
