What if the standard Dynamics 365 Advanced Banking is not enough?

Advanced Bank Reconciliation feature to the next level

Last year I wrote a blog all about the standard Advanced Bank Reconciliation feature in Microsoft Dynamics 365 Finance. This year I want to share with you how we took it to the next level with the help of AMC-Consult A/S.

Partnership with AMC-Consult A/S

AMC Banking develops bank integration solutions aiming to turn complex cash management tasks into simple processes. They specialize in the Microsoft Dynamics Suite (NAV, Business Central, AX and Finance & Operations), with over 600 bank formats developed over 25 years. After many fabulous talks and demonstrations of their product, we have decided to partner with them.

Why this is an important step for us, but specially for you:

Imagine this scenario:

• You are a company that operates all over the world
• You have many different bank accounts with multiple currencies
• You have a fabulous team dedicated to process all those many payments coming in and out everyday
• Your team makes sure that all outgoing payments are rightly processed and uploaded in the bank
• Your team also makes sure that all incoming payments are rightly settled (considering the customer account, invoice number, cash discounts, penny differences…)
• You would like to be up to date with the bank reconciliation and preferably, do it on a daily basis
• And finally, you know that time is money so you would like to automate these processes as much as possible

It is true that standard D365 can already accomplish a lot on its own, but it can become very complex when you have to deal with many different file formats from many different countries and banks.

In most cases, even though D365 includes all the international standard bank files out of the box (SEPA, NACHA, BAI2, MT940, CAMT53 etc.), banks themselves often have special requirements regarding these files and you end up paying a lot of money to customize every file for every different bank, spending endless hours doing testing (at the expense of your other daily tasks) and realize that your banks are not as responsive as you would like and before you know it several months have passed.

We – at Dynamic People – prize ourselves for delivering great value to our customers, high level of quality with maximum efficiency. That’s why after many debates about the cost benefit of our options and together with the valuable insights from our customers, we concluded that we could all benefit from upgrading D365 Finance with the AMC solutions.

What do you get extra with AMC

You will get all the standard Banking features from D365, plus:

1. You will get over 600 file formats out of the box, already fully tested and working with different banks across the globe
2. You will be able to quickly create Vendor Payment journals with built-in validations which will guarantee that you generate the right file format
3. You will be able to import bank statements and automatically:
   • Process and settle customer payments according with:
     • Out of the box settlement rules, or
     • You can also add your own rules
   • Post vendor payments against the existing payment journals .
   • Post new vendor payments, in case they were introduced manually in the bank
   • Post bank fees to the right ledger account.
   • Import all extra information found in the bank statements: such as invoices numbers, payment notes etc.
4. You also get out of the box matching rules that will make sure your bank reconciliation is done at the snap of a finger.

If you want to take it even further you could also go for the Enterprise solution, which will allow you to:

1. Automatically send payment files to the bank from D365(via encrypted and secured communication).
2. Let users enter and approve payments directly within your D365 without logging into your web bank portal.
3. Automatically receive bank statements from the bank, which will generate the payment journals, settle the invoices and the bank fees, run the matching rules, etc.

This means that, you could have this process running during the night and the next morning you have all the payment journals and bank reconciliations already ready for you. Can you now imagine how much this can reduce time spent on the project implementation and your daily working tasks?

If you want to know more about this solution or have any other questions for us, please get in touch ! I will be happy to help.

Useful Links:

amcbanking.com

amcbanking.com/BANKS/

Advanced Bank Reconciliation