In my last blog, New Cash Management features in Microsoft Dynamics NAV 2013 R2, I demonstrated the new Payment Registration feature, which lets you apply incoming customer payments to outstanding invoices in a simple easy to use screen.
This is classed as the “manual” method because you still need to find the customer and tick each invoice.
There is an even easier approach. The “automatic” approach allows you to use the bank statement as a starting point. By importing your bank statement into NAV, you can send any unreconciled entries to a general journal, where you can run the new Apply Automatically function.
You can specify rules that map payments to Customers, Vendors and GL Accounts according to text found in the description from the bank statement.
Here’s how it works.
Firstly you import your bank statement into the bank reconciliation window. Then by selecting Match Automatically this will find any bank ledger entries to apply against (based on date and value).
You can see in image 1 below, that all the green lines are reconciled. This is great, but it relies on the entries existing in NAV.
Image 1: Bank reconciliation screen
Looking at image 1, the screen on the left are lines that have been imported, the last few lines have not found a match, i.e. the payments/receipts have not been created as entries in NAV.
Instead of just manually creating the entries in a journal, we can use the Transfer to General Journal function to send the un-matched entries to journal batch of your choice.
Image 2: Journal Selections
Once transferred into a general journal, you can select the Map Text to Account where you can link the description text to a customer, vendor or GL Account.
Image 3: Account Mapping
Image 4: General journal BEFORE
Image 5: Select to Apply Automatically:
Image 6 below shows what it looks like AFTER:
Looking at image 6 above, the system has found the matching vendor/customer and GL account and updated the entries accordingly. It will even apply the amount to any outstanding invoices. Posting this journal will create the bank entries necessary to complete the bank statement.