7/23/2009

Reconcile Bank Statement directly with GL

Can it be just possible? The standard GP functionality reconciles the bank statement against the Checkbook Register. So, How can it be possible to reconcile a bank statement directly with General ledger open transactions? Same question came to my mind when i was writing the scope for a large Client whose business process demanded a Reconciliation module that actually reconciles the bank statement against the GL transactions in Dynamics GP. The client said they also need the reconciliation to provide complete reconciliation history. Then came the Advanced Bank Reconciliation module from Nolan Computers as a big rescue.I’ll cover the functionality of this module in brief in this post just for those clients who are looking for an advanced version of bank reconciliation.

Features:
1. Transactions are read directly from the General ledger
2. Can track multiple General Ledger accounts for the same Bank
3. Enhanced Multicurrency support, transaction currency needs to be same as the bank account
4. Flexible import definitions for electronic as well as almost all forms of bank statements.
5. Complete Transaction history available
6. Aging of unreconciled Transactions

How it works?
I.Just do the necessary setups in the ABR Setup window, Bank Setup and Reconcile Rules windows.
II. Setup Import format for the Bank and do an import definition
III. Extract GL Transactions from Dynamics GP GL to ABR module.
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IV. Import the Bank Transactions into ABR using Statement import
V. Reconcile the transactions with one click of a button
ABR_Reconcile

If any business requirement is such that it requires a reconciliation module to reconcile directly the GL with bank statement transactions, this is one good solution to be looked at. Moreover, its multicurrency capabilities as well as attaching multiple GL accounts to one bank account make it more productive for businesses who look for advanced reconciliation in Dynamics GP.

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