Do you still book your bank payments manually?

Bank payments Dynamics NAV

Do you still book your bank payments manually?

How much time do you usually spend on booking your bank payments? 10 maybe 15 minutes per bank payment? Reduce and simplify your work with the standard features of Dynamics NAV. This allows you to simply import a bank payment into a bank book, or you can even reconcile corresponding posts immediately. Read more about the two standard features available in Dynamics NAV.

It’s time to accelerate; import your daily bank payments via CAMT053

(Boltrics does not support MT940 since 2018)

1- Import bank payments into the bank book

Bigger companies are already using it since they can benefit greatly from a faster processing time of the bank book in Dynamics NAV. The amount of credit and amortization they need to process daily is in such large numbers that manually booking these items, let alone reconcile, would become a time-consuming task.

But why would you leave this functionality unused? Whether you book many bank payments or only a small amount with limited lined. You still want to make your work as efficient as possible, right?

The advantages:

  • Automatically set the rules for your daily bank payments in the bank book.
  • With automatic reconciliation, the system tries to match your customer and vendor data per mutation. The richer your master file is filled with data (for example, you filled out the bank account information of your client), the better this match can be made.
  • The button “Additional Information” shows all the texts that are included in the bank transaction. You do no longer need the paper version.
  • With the feature “Learn bank text”, you can learn the system to map certain description, for example, “Sponsorship”, with the associated ledger account.
    Import bank payments into the bank book

2- Reconcile bank payments in the reconciliation journal
In addition to importing a bank statement in the bankbook, it is also possible to use Dynamics NAV’s reconciliation journal with CAMT053.

It offers the following advantages:

  • Automatic reconciliation contains an additional level; By means of a description text in the mutation, the system immediately tries to reconcile the corresponding posts. Does the mutation affects multiple posts? Then it will show you an error that it is not possible in the journal, and a manual action is required. The system then indicates to what extent a match has been found with the open posts within this relationship (high-average-low). You can then manually add the required information using easy to use filters.
  • Gain insight – per line – how much of the rule amount has already been cleared.
  • The function “Text-to-Account” allows you to easily match common descriptions with a ledger account of bank account.
  • With a few fact blocks on the right of your screen, you’ll see – per line item – more detailed information about the information that comes with the import file. That saves you another mouse click. And that’s another pressure on the button.

Watch the video below for a complete overview of the benefits or contact your customer success consultant.

One thing is for sure. No matter which option you’ll choose, you’ll experience the benefits right away and when the speed of processing will increase once you start using the functionality more and more.

Interested in this functionality?

For a small amount, you can already start using this standard Microsoft functionality. Ask your consultant about the possibilities or contact us via info@boltrics.nl.

Posted by
Frank Groot Roessink