June 20, 2025
Microsoft Dynamics NAV Banking
Microsoft Dynamics NAV Banking
Dynamics NAV Banking
Modern businesses with complex banking operations are turning to Dynamics NAV Banking to automate and streamline their banking processes through technology enhancements.
These may include
- Bank Account Reconciliation Statements
- Reconcile Bank Accounts Separately
- Cancel Bank Statement Reconciliation
- Bank Account Reconciliation Reports
Here, leveraging the core capabilities of Dynamics NAV helps reconcile bank accounts without any hassle and within the stipulated time. Acclaimed NAV/Business Central Consultants can assist you in driving robust banking management.
What is a Bank Reconciliation Statement?
A bank reconciliation statement is a document that compares the bank balance available in the organization’s bank account as per the organization’s balance sheet to the bank balance as the Bank’s Records. This statement shows the reasons for any discrepancies between the two statements i.e. Bank Book (As per Organization’s Records) vs. Bank Statement (As per Bank Records).
The primary objective of preparing a Bank Reconciliation Statement is to verify that the company’s records (ledger) match the bank’s records (bank statement). This helps in identifying errors, omissions, or unauthorized transactions.
This is a very critical report that ensures the correctness of the Bank Books and ensures correct financial reporting. Bank Reconciliation Statement is also very useful to detect any errors and intentional frauds.
A Bank Reconciliation Process involves the following activities:
- Gather Statements – Organization’s Bank Book, and the corresponding period Bank Statement from Bank.
- Compare the Opening Balances / previous periods un-reconciled items
- Identify current period reconciled (matching) and unreconciled / unrecorded items.
- Compare the unreconciled / unrecorded items to identify transactions.
- Adjust Books balance and the Bank Balance based on the above unreconciled / unrecorded items.
- Prepare the Reconciliation Statement after reconciling the book and bank balances.
- Document the Reconciliation Statement showing the adjustments made to both the book and bank balances.
How Dynamics NAV improves Productivity with Automated Bank Reconciliation?
One keyway in which Dynamic NAV improves productivity with automated bank reconciliation is by automating the matching process between bank transactions and internal records. This automation eliminates the need for manual data entry and reconciliation, saving time and reducing the risk of errors. Dynamic NAV can automatically match transactions based on predefined rules, such as matching amounts, dates, or reference numbers, making the reconciliation process faster and more accurate.
Furthermore, Dynamic NAV’s automation capabilities enable real-time reconciliation, allowing businesses to have up-to-date and accurate financial information at their fingertips. This real-time visibility into financial data helps businesses make informed decisions quickly, leading to improved financial management and strategic planning.
To reconcile Bank Accounts automatically in Dynamics NAV, you can connect to our Globally renowned NAV/Business Central Consultants. We will help you to setup and automate the entire process and make your work easy and hassle free.
A Step-by-Step Bank Account Reconciliation Process
Access Bank Account Reconciliation window
- To access Bank Account Reconciliation in Dynamics 365 window, go to search. There you can generate a new reconciliation and fill in the required details. These details may include bank account name, account number etc. Here, you need to work with two panes – the Bank Statement Lines pane and the Bank Account Ledger Entries pane.
- The Bank Statement Lines pane— It displays the transactions on the bank statement. For the most part, the entries can be auto populated if you choose the ‘Dynamics NAV Bank Statement Import’ and can manually make changes/adjustments to each line item.
- Also, Dynamics NAV Banking allows you to enter each line item manually by selecting the ‘Suggest Lines’ option.
- The Bank Account Ledger Entries pane— It shows the entries in the internal ledger for the bank account.
Match Entries to Reconcile
- Matching is the process of reconciling the line items on the Bank Statement Lines with the entries in the Bank Account Ledger Entries panes.
- Here, you have either reconciled the two panes quickly by choosing the Match Automatically feature or do it with the Match Manually function.
Post the Bank Reconciliation
- Microsoft Dynamics NAV(now available as Dynamics 365 Business Central), allows you to post bank reconciliation if the Total Balance in the Bank Statement Lines is Matching to the Balance to Reconcile field in the Bank Account Ledger Entries pane.
- Here, Dynamics NAV Banking helps you to look into the discrepancies or unreconciled line items and make changes accordingly.
Have you considered moving to Microsoft Dynamics 365 Business Central?
Microsoft Dynamics Navision was a reliable in the ERP market primarily known for its flexibility and robust customization capabilities. However, with changing business dynamics and global shift towards cloud-based solutions, Microsoft introduced Dynamics 365 Business Central which is a modern successor designed to meet the evolving needs of organizations
For the most part, it comes with the built-in AI capabilities and seamless integrations with applications you might already use. Given these points, you can improve your business efficiency and make judicious business decisions.
Dynamics NAV vs. Business Central Comparison
Feature | Dynamics NAV | Business Central |
Deployment and Accessibility | On-premises, local server integration | Cloud-based, accessible from anywhere |
Updates | Limited/no new updates | Regular updates: major (April & October), minor (monthly) |
Customization | Highly customizable, like LEGO blocks | Customizable with a focus on add-on extensions, like modular furniture |
User Interface | Traditional functional layout | More intuitive, user-friendly |
Connect to Our NAV/Business Central Consultants and Experts at Banking to Lead the Competitive and Evolving Business Landscape
For more details, write to us at info@navisionindia.in Or Schedule A Demo