As I mentioned in my last blog about Business Central, there are some exciting updates for bank reconciliation in the latest release (2021 Wave 1). The updates include changes to the bank reconciliation process. I think you will like these new options. You will now be able to undo a posted bank reconciliation in Business Central. So, if you have a bank reconciliation that was posted with mistakes you will now be able to undo that reconciliation and then create a new bank reconciliation with the correct information. I find this to be a great option, as there are times that you might inadvertently post a reconciliation that has a mistake. You now have the ability to undo that reconciliation and make corrections.
It should be noted that this “undo” functionality is only available on the standard Bank Reconciliation. The North American version that allows for the US Bank Reconciliation Worksheet does not contain this feature. You must use the Bank Reconciliation with Auto-Match in order to take advantage of this newest feature.
If you inadvertently reconciled a statement but discovered later that there was a mistake, you will now have the ability to “undo” the reconciliation, but only if you use the standard Bank Reconciliation. This is the reconciliation where you can import the bank statement. The page displays with the bank statement information on the left and the bank ledger entries on the right. You will not have this feature if you use the US Bank Reconciliation where you simply check the boxes against the transactions that have cleared.
By undoing the posted bank reconciliation, the original entries will be moved to the Bank Reconciliation page and marked as Open. Thus, no longer reconciled. You will also have the ability to reuse the bank statement number. As you know, the statement number is populated from the bank account. When you create a new reconciliation, the application determines the statement number to use. Business Central checks to determine if the number has already been assigned to a posted bank statement. However, you can use the Change Statement Number action on the Bank Account Reconciliation to allow the reuse of the original statement number.
The help documentation provides several examples of how to fix mistakes on posted reconciliations. Find the documentation here.
In addition to the bank reconciliation updates, there is also a change in the capabilities of how you can import bank statements. Microsoft has provided a process to simplify the import file layout so that a regular flat file and comma- or semicolon-separated transactions formats can be mapped to the fields in Business Central. You will be able to use either comma separated value or csv files and text or txt files. This is a great feature in the event that you do not want to or are unable to link your bank account. This provides a simplified means of being able to map the downloaded bank file to the applicable fields in Business Central.
You will first want to check to ensure that the bank account is set up without a Bank Statement Import Format specified. You can then begin the bank reconciliation and go to the Bank action to select the Import Bank Statement. You will receive a notification that the bank account must have a value in the Bank Statement Import Format. This will prompt you to open the bank account card to complete the action. From here, you can set up the bank statement file format. The wizard will walk you through the process. You will have the option to download a sample bank file, upload a bank statement file or define the bank statement file layout yourself. You will be able to define the header lines and each of the columns. You are able to map each of the columns to the respective file layout. Business Central will provide a preview of how the file will be mapped, so you can check it as you are building this out for your respective bank.
As with the undo functionality, this import capability is only available on the standard Bank Reconciliation and not on the US Bank Reconciliation Worksheet. The setup for the option to use the worksheet or the standard reconciliation is in the General Ledger Setup page. This is the toggle for the Bank Reconciliation with Auto Match. This feature is used to determine which reconciliation page will be used. If it is turned off, then the US Bank Rec. Worksheet page will be used. If you set this switch on, then the standard reconciliation page will be used. The standard reconciliation allows you to import the bank statement files as well as use the Undo feature.
I hope you are excited as I am about these new features. I’ll be providing additional information on the 2021 wave 1 updates in my upcoming blogs.
This blog was originally posted on dynamics-discussion.com