The bank reconciliation process ensures that the transactions recorded in the ERP system align with those in the bank account. This critical procedure must be performed regularly to maintain accurate financial records and manage the company’s cash flow, receivables, and payables effectively.
In Business Central, the reconciliation process is supported by two dedicated tools:
- Bank Account Reconciliation: this page displays bank statement data alongside bank ledger entries from Business Central, enabling quick transaction matching, either manually or automatically. Additionally, Copilot’s AI functionalities can be used for intelligent transaction matching, streamlining the process further.
- Payment Reconciliation Journal: this page facilitates the rapid reconciliation of bank transactions with system entries. Beyond matching with bank ledger entries, it allows payments and receipts to be linked to open vendor or customer entries. Reconciliation can be completed manually or automatically, depending on the scenario.
To perform reconciliation, bank transactions must be uploaded into the system. These transactions serve as the basis for matching and posting operations.
Using dedicated tools to upload bank statements into Business Central not only keeps reconciliation data up-to-date but also enhances monitoring and control over the company’s financial indicators.
Our app BankLink provide functionalities for importing bank statements into Business Central.
BankLink
The BankLink app connects Business Central directly to banks, allowing automatic downloads of bank statements without the need for manual file transfers from bank portals.
This secure connection is implemented using the Open Banking protocol, in compliance with the European PSD2 regulation. As a result, Business Central’s reconciliation pages are automatically updated daily with the latest transaction data.
Complete documentation is available on the Memento documentation portal.
The app can be installed and configured directly from the Microsoft AppSource marketplace:
