Open Forum

Expand all | Collapse all

bank transaction matching - best practices?

  • 1.  bank transaction matching - best practices?

    GOLD CONTRIBUTOR
    Posted Dec 19, 2020 06:33 PM

    We are on BC14 and working to upgrade to BC17 on premise

    We are looking to find a solution to import bank transactinos from Wells Fargo, Bank of America and possibly one other bank.

    What are tools and best practices others are using for bank transaction import and bank transaction mapping in business central?  What tools should we be evaluating?

    Thanks in advance.



    ------------------------------
    Benji Jasik
    Generate Capital
    ------------------------------
    Digital Acceleration Binge Day.  January 28th 2021 | 11:00 AM - 2:00 PM EST


  • 2.  RE: bank transaction matching - best practices?

    NAVUG ALL STAR
    Posted Dec 21, 2020 08:51 AM

    Benji,

    Out-of-the-Box BC allows you to connect, for free, to Banks via YODLEE. This process is very simple and here are the steps:

    1. Go to the Bank Account Card and open the Bank you want to Link to YODLEE

    2. On the Bank Account Card, click Bank Statement Service then Link to Online Bank Account. 

    3. YODLEE should find your Bank of you have 'named' the Bank correctly but if not you can search for it

    4. After you click OK on your Bank selection you will be prompted to enter Log In credentials (something like below). Note that each Bank is different and could require Login ID, Password, and possible TOKEN No.

    5. After you connect you will see a list of possible Bank Account Numbers to link too. Select the one you want to link to the Bank Account No. in BC and click OK

    That is it. You can establish and Automatic Bank Import by going back to the Bank Account Card, for the Bank you just linked, and under Bank Account Service, click Automatic Bank Statement Import Setup (see step 1 image). On the screen you set the numbers of days the import will include (these are the number of days between imports so if you are doing weekly 7 would be the value). Check the Enabled box and click OK.

    Your Bank is now Linked and Auto. Bank Statement Enabled.

    Hope the above helps. If you have questions or want to chat more, feel free to email or call (774-254-1185).

    Thanks and Happy Holidays,

    Steve



    ------------------------------
    Steven Chinsky
    Manager
    Wipfli
    Mansfield MA
    NAVUG/BC Programming Committee Member
    NAVUG All-Star, Granite Award Recipient, MCP, DCMP
    ------------------------------

    Digital Acceleration Binge Day.  January 28th 2021 | 11:00 AM - 2:00 PM EST


  • 3.  RE: bank transaction matching - best practices?

    GOLD CONTRIBUTOR
    Posted Dec 21, 2020 09:33 AM

    https://docs.microsoft.com/en-us/dynamics365/business-central/bank-how-setup-bank-statement-service

    The Envestnet Yodlee Bank Feeds service is only supported in the online version of Business Central. To use this functionality on-premises, you must obtain a cobrand account from Envestnet, and you must add code to integrate with the Yodlee API.

    Any ideas how hard this is ?



    ------------------------------
    Benji Jasik
    Generate Capital
    ------------------------------

    Digital Acceleration Binge Day.  January 28th 2021 | 11:00 AM - 2:00 PM EST


  • 4.  RE: bank transaction matching - best practices?

    NAVUG ALL STAR
    Posted Dec 21, 2020 11:05 AM

    Benji,

    I am not sure as I have not attempted this for any customers. The other solution, which I have done, is to create a Data Exchange Definition, for a downloaded Statement File from the Bank, and use the Import Bank Statement functionality. The Data Exchange Definition is very easy to update and create your own. I have created one for JP Morgan. The file you download from the Bank could differ from the format but it is easy to setup the columns and values to import into the Reconciliation process.

    Email me if you want my example.

    Thanks,

    Steve



    ------------------------------
    Steven Chinsky
    Manager
    Wipfli
    Mansfield MA
    NAVUG/BC Programming Committee Member
    NAVUG All-Star, Granite Award Recipient, MCP, DCMP
    ------------------------------

    Digital Acceleration Binge Day.  January 28th 2021 | 11:00 AM - 2:00 PM EST


  • 5.  RE: bank transaction matching - best practices?

    TOP CONTRIBUTOR
    Posted Dec 22, 2020 11:18 AM

    Hi Benji,

    My teammate Cynthia Priebe wrote two articles for MSDW earlier this year on setting up ACH and Positive Pay, thought you might find them helpful as she discusses setting up the Data Exchange Definition Steve mentions. 

    https://msdynamicsworld.com/story/tear-those-paper-checks-dynamics-365-business-central-makes-ach-easy

    https://msdynamicsworld.com/story/still-writing-paper-checks-want-enhanced-fraud-protection-set-positive-pay-business-central

    Good luck!

    Mark



    ------------------------------
    Mark Rhodes
    Chief Strategy Officer
    New View Strategies
    "The NAV & BC training and process experts"
    Windsor, CO
    ------------------------------

    Digital Acceleration Binge Day.  January 28th 2021 | 11:00 AM - 2:00 PM EST


If you've found this thread useful, dive deeper into User Group community content by role