Bank reconciliation "North American" method in Microsoft Dynamics 365 Business Central
If you're not using the Auto Match functionality to reconcile your bank accounts then you're using the "North American" method as Microsoft calls it. This blog outlines the steps to complete the bank reconciliation using this method. I will also post a blog on how to process bank reconciliation using the Auto Match functionality.
1. Search for Bank Account Reconciliations
2. Process > New
3. Select ‘CHECKING’
4. Update the Statement Date to the date you pulled for and update the Balance on Statement to be the ending balance for that day.
5. Process > Suggest Lines
6. Both > OK
7. Proceed with checking off the items cleared bank within the ‘Checks’ and ‘Deposits/Transfers’ sections of the Bank Rec. Worksheet.
8. Once you’ve checked everything off there may be some misc items you couldn’t find to check off. Those items will need to be investigated to see why missing from Business Central. Once you’ve entered them into the system you can go back into the Bank Reconciliation and click Process > Suggest Lines > OK. Proceed to check those items off in the respected sections of the Bank Rec. Worksheet. You can also enter any adjustments within the Adjustments section of the Bank Rec. Worksheet.
9. Once You’ve checked off everything verify that the Bank Rec. Worksheet has a $0.00 difference by clicking on Process > Recalc G/L Balance. Look for the Difference to be 0.00.
10. Once difference is 0.00 then you can print the Bank Rec. Test Report for your backup. Actions > Posting > Test Report.
11. Select all options and Print.
12. Post Bank Reconciliation. Posting > Post
Written by: Kristen Hosman, Microsoft MVP