Electronic Bank Reconciliation
Posted Friday, December 19th, 2008
We were having an email discussion the other day around what Dynamics GP’s Electronic Bank Reconcile will or won’t reconcile. One of our consultants Amy Walsh had the most complete answer and it sure sounded like a nice blog post so here it is. Thanks Amy!
Electronic Bank Reconcile matches both checks and deposits. Any other transactions have to be marked off manually.
See excerpt below for transaction type and action.
BAI (Bank Administration Institute) file formats have a number for the transaction code. For example, 100 may be a check. 200 & 300 may be some other type of withdrawal. 400, 500, 600 maybe different types of deposits. The problem with that is, when you go to enter a transaction code you can only enter 1 code for check and 1 code for deposits when in the BAI file their maybe many types of codes. The transaction code is required in the configurator.
Tags: Electronic Reconcile, erec, ereconcile
Posted in Banking
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Does anyone know if Electronic Bank Reconciliation in GP 10.0 works with Bank of Montreal in Canada? Is BAI format an international standard?
How do you setup BAI codes for ACH transactions. Does it need it’s own code? Can you have a number of configurator downloads that list checks and deposits in file, ACHs in another file and wires in a file?