Microsoft Dynamic NAV Bank Reconciliation North American Version – Difference between Auto and Manual Bank Reconciliation
In Microsoft Dynamic Nav 2015 (and onwards) NA version, there are 2 different types of Bank Reconciliations you can use: General Bank Recon (Auto) and North American Bank Recon (Manual). Both types of bank reconciliations compare your open NAV Bank Ledger Entries to the actual entries on your Bank Statement from the bank.
Disclaimer: Do note that in the NAV 2015 (and onwards) Australian version, the General Bank Recon is used as default. We are unable to select NA Bank Recon for this version.
What is the difference?
- In the Auto Bank Recon, you can import your bank statement that you have downloaded from your bank and automatically match it to your bank ledger entries. This can save a lot of time matching lines so you can focus only on the entries that don’t match.
- The NA Bank Recon is a manual process only and is focused more on Checks and Deposits. Lines are marked to Yes in the “Cleared” field.
How to Setup?
- To enable the Bank Recon with Auto Match Function, go to the General Ledger Setup page and select the Bank Recon with Auto Match check box.
- If the Bank Recon with Auto Match is unticked, then the Manual Bank Recon is enabled.
- Bank Statement Lines can be generated by either importing the bank statement file or by using the suggest lines function. System can then automatically reconcile as many bank statement lines with bank ledger entries as possible and then manually do the rest.
- Transactions that were not matched when the bank reconciliation is posted are considered outstanding and will appear in the next bank account reconciliation.
What are the features of Bank Recon with Manual Match Function?
- The NA Bank Rec. feature uses the registered payments as a suggestion to what transactions should be cleared in the system.
- This works well for the paper-based bank statement that the controller typically works with. Payments are categorized in three types: Transaction, Check, and Adjustment. Each line must be manually controlled and cleared (by ticking the little cleared box), and any necessary adjustments must be created before the bank account reconciliation can be posted.
- The main goal of the NA Bank Rec. feature is that registered payments in the system are manually cleared and that the bank reconciliation is posted with the same amounts as in the general ledger.