Bank reconciliation strengthens the integrity of your financial records, providing your executive team with a greater level of trust in your data. Data which they use as a basis for their decision-making. The procedure is necessary to validate your accounting process, acting as a form of internal control by discovering any errors, incorrect postings, or potentially fraudulent activities. Many ERPs such as Dynamics GP (Great Plains) have features that can speed up the comparison of your financial records to your bank statements.
Dynamics GP Core Functions
Dynamics GP’s core Bank Rec function collects transactions from within your ERP ‘s journal entries and .BAI or .CSV file imports from your financial institution (JPMorgan, Citibank, Bank of America, TD Bank, etc.) in a sub-ledger to be reconciled followed by a report of outstanding transactions and adjusted bank balances.
In addition to core Bank Reconciliation functions within Dynamics GP there are additional specialty apps that can:
Improve the accuracy of your reporting by reducing input errors.
More easily highlight discrepancies such as missing transactions, duplicate entries, or errors in accounts.
Generated reports based on adjusted bank balances, outstanding checks, deposits in transit, and summary reports.
Automated Bank Reconciliation in Dynamics GP
Larger organizations with multiple entities or who have a high volume of orders, process cash transactions from outside of GP, may be well served by the additional features found in an Automatic Bank Reconciliation suite such as those available from Blue Moon or Nolan. The Manual reconciliation process can be tedious, time-consuming, and for high volume, prone to error. Finding ways to automate functions of your reconciliation process will mitigate reconciliation errors, reduce the labor involved, and detect input errors in a timely manner. Adding an Automatic Reconciliation to your Core Dynamics GP functions can help streamline processes with these advanced functions:
Merge multiple GL accounts together to perform one reconciliation, helpful for organizations that have multiple deposit accounts going into one main account.
Automatically reconciles from multiple banks, clearing transactions through “matching rules”, by matching reference numbers (checks or EFT #), by amount or date, leaving outliers to be manually processed with preset tolerance levels.
Adjust formatting (Tab, fixed, or .BAI reference preference) to meet a variety of bank format requirements.
Drill down reports, mapping the route of each transaction from the General Ledger.
Leveraging an Automatic Bank Reconciliation in Dynamics GP will save you time, improve your financial visibility and increase the efficiency of your operational process. Strengthening the validity of your general ledger reinforces the foundational strength and trust in your data. The data your company relies on.
We have some videos to showcase some of the advanced functions found within two of the top Bank Reconciliation suites, each with automated advanced reconciliation rules. To learn more about GP’s Bank Reconciliation functions or add-on features, visit www.gpsupportnorth.com/bank-rec/.
About GP Support North
GP Support North is a large team of Microsoft Dynamics GP (Great Plains) consultants at Endeavour Solutions, dedicated to supporting clients using Microsoft Dynamics GP (Great Plains) ERP. We are your safe-haven for long-term GP support and consulting services. We will not force you to change platforms, but if and when you are ready, we can help migrate you to the cloud.
2023: Our focus is on providing a "Safe-Haven" for Microsoft Dynamics GP users to gain access to expert GP support, GP training, GP upgrades, and consulting services for Microsoft Dynamics GP for the next 10+ years.
We love Dynamics GP (Great Plains) and have more than 550 active clients across North America predominately in the USA and Canada. We believe that GP has a long and prosperous future, and we are here to support you and your team. Need a NEW GP Partner
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