While GP’s Bank Reconciliation tool works fine for many situations, once banking gets a little more complicated, it may be time to consider a different tool like Nolan Advanced Bank Reconciliation. If you are experiencing one or more of these situations, it might be worth a deeper look:
- You end up doing significant numbers of transactions directly to the GL for bank accounts that then need to be posted as a second entry into the checkbook. This is particularly important if many cash transactions are imported.
- You have multiple bank accounts at one bank and the download from the bank includes them all, so you have to parse the actual downloads in order to be able to pull them into GP’s bank reconciliation tool.
- You end up having problems reconciling the subledger to the GL on a consistent basis.
- You have ongoing situations where the document date and the posting date are in different periods.
- You end up grouping a lot of transactions into a group to tie out to what is shown on the bank statement.
- You have significant numbers of bank-originating entries such as bank fees each month.
So what does Nolan Advanced Bank Reconciliation do for these situations?
- Nolan Advanced Bank Reconciliation allows you to reconcile the bank statement directly to the General Ledger instead of reconciling to the GP checkbook, which then has to be reconciled to the GL.
- You are able to download one file from the bank that includes multiple accounts and let the download automatically parse the transactions into the correct account in GP.
- Since you are reconciling the general ledger directly, the need for trying to maintain and reconcile the checkbook subledger goes away.
- Because you are reconciling the general ledger, you are reconciling to GL posting date instead of document date.
- Nolan Advanced Bank Reconciliation allows you to set up grouping so that you can group specific types of transactions easily in order to easily match them to the bank statement.
- The ability to do automated entry of recurring bank transactions like bank fees at the time of statement import.
Additionally Nolan Advanced Bank Reconciliation has the following features:
- Advanced reconcile rules for automated matching
- Easily unreconciled statements to fix errors
- Advanced searching and filtering capabilities
- Because it relies on GL accounts, the tool can be used to reconcile *any* GL account where there is an outside statement or transaction document to reconcile to
If the bank reconciliation environment has become too complex, or there are other accounts that need to be matched to outside transactional detail, maybe it’s time to look at other solutions such as Nolan Advanced Bank Reconciliation.
To learn more about how you can take advantage of this and other Dynamics GP features, visit RSM’s Microsoft Dynamics GP resource. To make sure you stay up to date with the Microsoft Dynamics Community, subscribe to our Microsoft Dynamics Community Newsletter. For more information on Microsoft Dynamics 365, contact us.
By: Peggy Evleth