Keep your finances on point by using Bank Reconciliation in Microsoft Dynamics GP. First, it helps ensure your bank statements match up with your company’s accounting records, making it easy to spot discrepancies. Maybe you have an unexpected transaction fee – with bank reconciliation, you can catch it right away and address it. Another reason people love GP Bank Reconciliation is that it saves a ton of time. Instead of having to manually cross-check each and every entry, Dynamics GP automates this process for you. For example, let’s say you have recurring expenses like rent. Bank Reconciliation will remember it and reconcile these automatically. Plus, it’s all about accuracy. You don’t want any surprises when it comes to payroll or vendor payments, and regular reconciliations ensure everything is in order. So, whether you’re balancing books at month-end or just keeping an eye on cash flow, bank reconciliation in Dynamics GP makes it smooth, seamless, and stress-free.

Here are instructions on how to use Bank Reconciliation in Microsoft Dynamics GP:

Bank Reconciliation:

Trx>>Financial>>Bank Reconciliation

  1. Verify that all deposits have been grouped for the previous month and entered into GP.
    • Trx>>Financial>>Bank Deposits>>Bring up the Bank Account and verify that all receipts are new this month. (No old receipts.)
  2. Go to Bank Reconcile:
    • Enter in the CheckbookID
    • Enter in the Ending balance for your checkbook

How to Use Bank Reconciliation in Microsoft Dynamics GP - 1

    • Enter in the Bank Statement Ending Date
    • Enter in the Bank Statement Cutoff Date
    • Click on Transactions

You will get the following:

Eight day grace period

This will let you grab deposits made after the date if you needed them.

You can now mark the range beginning and ending of range and use the mark all.

If you have a check or deposit that has a wrong amount you can go to the line then go up to the blue arrow at the Payment or Deposit level

The following window will open:

Cleared Amount Entry

You can enter in the cleared amount.  (this will also want you to make an adjustment to your checkbook later).

Cleared Amount

This will mark the window with the “I” for information.  Which will show you the adjustment.

Once you are finished marking all transactions, go to Adjustments:

This is where you will enter in your:

    • Interest Income
    • Other Income
    • Other Expense
    • Service Charge

with the proper accounts and amounts.

Bank Reconciliation in Microsoft Dynamics GP - Reconcile Bank Adjustments

This will flow thru to your GL when you reconcile your bank account. When your account shows a Difference of $0.00, then you can reconcile.

This image shows you the number/amount of payments/transactions as well as the reconciled amount

This shows you the number/amount of payments/transactions as well as the reconciled amount.

When you push the button for reconciliation you will get the following reports:

Bank Reconciliation in Microsoft Dynamics GP - Print Reconciliation Reports

Then you are finished with the reconciliation for this month.

Just save the reconciliation, if you need to make additions to deposits or payments that did not make it through the system, you can always save the reconciliation and make the entries and then come back in and reconcile.

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By CAL Business Solutions Inc., Connecticut Acumatica & Microsoft Dynamics GP / 365 BC Partner, www.calszone.com