This year’s spring release of Business Central once again holds a number of innovations in the financial accounting area. In addition to a renewed expansion of bank reconciliation, the payment reconciliation journals have been improved and the import of bank statement files has been simplified.
Bank reconciliation is an essential part of accounting for most companies, as it ensures that all entries have been recorded and processed correctly. For this reason, Microsoft is continuously developing this area. Therefore, bank reconciliation in Business Central has been optimized again with the first release wave 2021. For example, the bank reconciliation report is now also available for bank reconciliations (bank statements) that have already been posted.
On the “Bank Acc. Reconciliation” page, a posted bank reconciliation that contains an error can be canceled and a new bank reconciliation report can then be created on the “Bank Statements” page. It is also possible to change the bank statement number for this bank reconciliation, in case the undone bank reconciliation should be restored with the same number.
The “Undo” feature is available on the standard “Bank Reconciliation” page. A report is now available for “Bank Acc. Statements”, showing the reconciliated entries.
Simplified import of bank statement files
In addition to the new features concerning bank account reconciliation, there are further optimizations in the area of financial accounting. The new Business Central version now simplifies the import for bank statements by allowing users to use a regular flat file (.csv, .txt) and to map the columns of the file to the fields in Business Central more easily. Downloading transactions in the appropriate formats is enabled by most banks.
Improvements for payment reconciliation journals
Payment reconciliation journals have been optimized in Business Central. Bank, too. Receivable and payable accounts need to be reconciled on a regular basis, for example, by matching payments recorded in the bank with the corresponding open (unpaid) invoices and credit memos in Business Central.
The payment reconciliation journal now supports application against employee ledger entries, activating preview posting, separate number series and user-defined document numbers. Moreover, it is also possible to select multiple lines when transferring variances to a journal.