Weekly Review: Reconcile ACH Batches

Mariano Gomez had a great piece of advice on the Newsgroup regarding ACH batches and Bank Rec so I decided to formalize it and turn this into a Weekly Dynamic.
Many companies submit an ACH file to their bank to pay vendors. The bank will often process the transaction as a lump sum debited from the bank account rather than as individual transactions. This makes reconciling difficult because you need the ACH batch info to match back to the individual transactions that were sent to the Bank Reconciliation module but the bank statement will only show one amount

Well, here is a fix. Use the ACH file that you sent to the bank as your source file for the Electronic Reconcile module. Let Electronic Reconcile check off the ACH transactions for you. This also provides a better level of consistency for your auditors.
If you are on the Advanced Management tier of Business Ready Licensing you already own Electronic Reconcile to go along with EFT for Payables so there is nothing else to buy to make this happen.

Posted by Mark at 12/08/2008 09:00:00 AM

Dynamics GP Electronic Bank Reconciliation Webinar

It’s not too late to catch today’s DynamicsCare webinar on Electronic Bank Reconciliation at 11am ET. My colleague Abby Moore is delivering the webinar and if you’ve even thought about advanced reconciliation needs, this is the webinar for you.

Electronic Banking with 2 Account Numbers for one Checkbook

Amy Walsh takes a look at an issue that we ran into recently. A client had two bank account numbers for a single account. Somewhere along the way the bank had merged or been acquired and the client’s account number changed. However, the number was never changed in their electronic reconcile file.The bank had simply associated the old and new numbers internally and kept sending the old number in the electronic reconcile files. We also had Safepay and Mekorma MICR in the mix just to make it interesting.

Amy has the full description and the resolution over at DynamicsCare.

Keep in mind that this can get more fun because it’s possible to have different routing numbers for different bank functions as well. For example, Suntrust uses a single routing number for incoming ACH transactions that is completely different from the routing number assigned for checks and deposits.

Weekly Dynamic: Reconcile ACH Batches

Mariano Gomez had a great piece of advice on the Newsgroup regarding ACH batches and Bank Rec so I decided to formalize it and turn this into a Weekly Dynamic.

Many companies submit an ACH file to their bank to pay vendors. The bank will often process the transaction as a lump sum debited from the bank account rather than as individual transactions. This makes reconciling difficult because you need the ACH batch info to match back to the individual transactions that were sent to the Bank Reconciliation module but the bank statement will only show one amount.

Well, here is a fix. Use the ACH file that you sent to the bank as your source file for the Electronic Reconcile module. Let Electronic Reconcile check off the ACH transactions for you. This also provides a better level of consistency for your auditors.

If you are on the Advanced Management tier of Business Ready Licensing you already own Electronic Reconcile to go along with EFT for Payables so there is nothing else to buy to make this happen.