Microsoft Dynamics GP 2013 Enhancements Blog #4: Bank Reconciliation & Multicurrency Management

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Microsoft Dynamics GP 2013 Enhancements Blog #4: Bank Reconciliation & Multicurrency Management

Along with the General Ledger Enhancements that we previously talked about, Microsoft Dynamics GP has new enhancements to Bank Reconciliation & Multicurrency Management that will allow you to work with more accuracy and efficiency.

Here are a few of these enhancements that will make your job easier:

Bank Reconciliation

  • Microsoft Dynamics GP 2013 adds a Bank Reconciliation module to the Reconcile to GL routine. This feature will help save time and frustration for users, providing an automated method for finding differences between the balance for a checkbook and the balance for the associated cash account in the General Ledger.
  • You can manage all bank-related transactions through a single, automated process and ensure fast access and tight control for mission-critical financial information.
  • You can choose the Reconcile button in the Select Bank Transactions window- After choosing to continue with the reconcile process, the last reconciled balance and the last reconciled date are updated for the checkbook with the bank statement ending balance and the bank statement ending date.


Multicurrency Management

  • An option for selecting the method for calculating the average exchange rate is added to the currency translation defaults. You can calculate the average exchange method using the exchange table, a rate average calculation or a rate day’s average calculation. The difference between the two average calculation methods is that the rate average is a straight average of all rates divided by the number of days. Rate days average uses the number of days a rate is effective as part of the calculation.


Rate Average = (Sum of Rates) / (Number of Rates) per period

Rate Days Average = [Sum (Rates*Number of Days) / (Number of Days in the Month)]


These features allow you to work conveniently and deliver smooth and accurate information with ease. You no longer have to worry about wasting undue time performing these tasks that could be spent on other activities.

If you have any questions or if you would like to learn more, please contact us today at 636-237-2280 or email us at

By Stephanie Manning and Michael Ramatowski at Turnkey Technologies, Inc.—Missouri, Illinois, and Kentucky Microsoft Gold Certified Dynamics GP and CRM Partner.

1 thought on “Microsoft Dynamics GP 2013 Enhancements Blog #4: Bank Reconciliation & Multicurrency Management”

  1. A bank reconciliation is the process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement. The goal of this process is to ascertain the differences between the two, and to book changes to the accounting records as appropriate. The information on the bank statement is the bank's record of all transactions impacting the entity's bank account during the past month.

    A bank reconciliation should be completed at regular intervals for all bank accounts, to ensure that a company's cash records are correct. Otherwise, it may find that cash balances are much lower than expected, resulting in bounced checks or overdraft fees. A bank reconciliation will also detect some types of fraud after the fact; this information can be used to design better controls over the receipt and payment of cash

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