Microsoft Dynamics GP Electronic Banking feature will increase your ROI.

There is a better way to reconcile your bank statements with the Dynamics GP software you already own. The Electronic Bank Reconciliation module in Dynamics GP is easy to set up and can save you a lot of time and headache whether you reconcile monthly, weekly, or even daily.

n short, the EBR module automatically reconciles cleared transactions between the checkbook or cash sub-ledger and the bank statement.  An error report is run after the bank file is read and matched, identifying any differences, making it easy to correct.

What is Electronic Bank Reconciliation?

Electronic Bank Reconciliation (EBR) is a core finance functionality that integrates with your bank accounts via Dynamics GP Checkbook and generates reports that will help you locate and correct discrepancies much faster.

This functionality can mean the difference between knowing which checks have cleared and guessing how much cash you have on hand.  The functionality is available with version GP2013 and up. The process supports both BAI and DAT formats. Also, you get cash reports that are useful for decision making.

Excluded Transactions:

Some transaction types are excluded, as they only affect the Checkbook balance and are not on a bank statement. These are adjustment type transaction and the types keyed in Microsoft Dynamics GP.

Excluded from the matching process:

1. Increase Adjustments 

2. Decrease Adjustments 

3. Withdrawals - will not be matched.

Need detailed information for how EBR matches transactions? Click here 

Steps to Set Up EBR

There are a few steps to getting up and running:

1) Enroll in your bank’s Electronic Reconciliation Program

2) Get the Import Format from your bank

There isn’t an industry standard configuration so you will need the format requirements for each of your banks.

3) Register the module in Dynamics GP

4) Run GP Utilities 

5) Set Up Electronic Bank Reconciliation 

1. 1. 1. Import path in ERC Download Maintenance

      2. Set up Transaction Types

      3. Repeat for each Checkbook

Need detailed instructions for EBR Configurator? Click here 

6) Test the file to ensure transaction types were set up correctly 

You can import the bank’s file and check for unknown Transaction types. Once you are sure all your transaction types are set up, then you are ready to reconcile the bank statement. Occasionally, you may have an unknown Transaction Type but they should be a one off.

7) Use EBR in your Daily, Weekly, and/or Monthly Cash Management Process 

Now you are ready to get started! We are happy to talk with you about file formats, configuration, testing, training, and support.

Benefits of Using EBR

Automatic Reconciliation with Bank Files provides several benefits to businesses, including improved accuracy, reduced costs, and enhanced efficiency. By automating the reconciliation process, businesses can reduce the risk of errors in financial reporting, saving time and money. In addition, Automatic Reconciliation with Bank Files provides greater efficiency, as the reconciliation process can be completed more quickly and with less effort.

1) Increase Process Efficiency

Many firms are automating procedures to increase efficiency and reduce costs. Automation streamlines processes and centralizes data, providing greater visibility and increased control. On average companies reduce bank rec processing cost by 75%. In addition, you can replace manual processes with limitless reconciliation capability. Now, you can go from a monthly bank reconciliation to a weekly, or even daily. You will have an accurate and timely cash-on-hand report.

2) Reduce Write-offs, Audit Costs, and Downstream Costs by Mitigating Manual Processing Errors

3) Easy Setup and Configuration

The setup and configuration of Microsoft Dynamics GP EBR is simple. It doesn't require a lot of training, either. Once you have gone through the initial set up process, it's easy to maintain. With Dynavistics, you can set up and start using EBR in a couple of weeks.

Do you need to review your needs or have never set up EBR? If you need help or do not want to set it up yourself, call Dynavistics and let us know how we can help.

We can handle companies that operate under multiple names, have multiple bank accounts, use multiple banks, or want to use Magnetic Ink Character Recognition (MICR) Checks with your GP Checkbook.

Conclusion

Automatic Reconciliation with Bank Files can help business be more efficient, accurate, and profitable. Automating the reconciliation process with EBR reduces errors and save you time and money.

You already own this module; you just need to get it set up.  The only difficult part can be configuring the file format from your bank to match what GP needs but that is where we come in!  Let us take care of that part.

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Dynavistics is here for you

Do not worry, you have Microsoft and Dynavistics Support for years to come.  You can plan what is right for your firm and select the timeframe that works for you. Dynavistics is happy to provide full and accurate information so you can make the right choice at the right time for your firm.  If you have any questions or want to discuss your future ERP plans or want help with ERP planning, feel free to contact me at info@dynavistics.com.

If you have any questions about Dynamics GP or BC, NetSuite, Acumatica, or general questions about how we can help you, contact Dynavistics today!