Oct 24, 2018 12:25:31 PM by Theresa Masters

Reconciliation of Bank Statements in NAV

Business, Finance, Microsoft Dynamics 365, Microsoft Dynamics NAV

Using NAV for Reconciliation

There are many ways to reconcile your bank accounts in NAV (formerly Navision). One method uses the basic ‘Suggest Lines’ function to manually populate the bank reconciliation and check for differences, which then posts the interest or any other items missing.

CBIZ have customers are doing their reconciliations in many ways within NAV, and the important thing is they have a suitable solution available to them. The solution they use will differ depending on how many bank accounts they have and with how many banks, or how often they need to reconcile. Some users do this weekly, monthly or quarterly.

NAV Options for Reconciliation

We have assisted with a simple import of a bank statement file at one end of the spectrum to a fully automated import, reconcile and post at the other end, with variations and third parties used between.

When the processes are regular but not daily, they can often be forgotten when it comes to efficiency, but to some of our finance companies this is a crucial area. For them, being able to select automated reconciliation means the process is completed daily without impacting the users’ work time. Everything is then ready before the staff arrive in the office, allowing them to meet critical reporting timeframes.

Saving Time by Using NAV for Bank Reconciliation

Bank reconciliation is another area of a business that is going paperless. If you receive electronic statements, it makes sense to use this to import into NAV (formerly Navision). NAV has a feature which creates journals from missing bank reconciliation lines, cutting down manual work time.

NAV users can also import the file for it to match all the data, and users only need to perform a manual intervention if it finds a difference, allowing them to spend more time on the areas that need their attention.

We have also developed the ability to split bulk bank statements when they’re imported so they can be added to different NAV accounts or NAV companies. We’ve also provided an option to store the electronic bank statements in NAV, giving users the history of each electronic file if they need to search for a recall.

You can read more about NAV on our website, and if you have any questions, we’d be more than happy to hear from you so we can help you find the answers.

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