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Inquiring about Bank Rec Module

  • 1.  Inquiring about Bank Rec Module

    Posted 7 days ago
    Good Afternoon,
    Currently my boss and I are setting our yearly goals, and I suggested that maybe this year we incorporate the bank rec module that interfaces with GP.  I thought I'd post here to see if anyone uses the Bank Rec Module that is supposed to make reconciling your bank statement quicker and easier.  Cam anyone answer the following questions or be able to shed their experience:

    1) Is the module called Bank Rec Module or does it go by a different name? I've been calling it that thinking that's what the component is?
    2) For those that use it, how much does the add on cost roughly?  And do you think it saves you a ton of time?
    3) Can you use the Bank Rec module for all bank recons? Or just the main checkbook you cut all your checks out of, and key in all your deposits?
    4)​​ What format do you have to import your bank statement in?

    Just a few questions.
    Thanks!
    Melissa

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    Melissa Turngren
    Regional Enterprises, Inc.
    Ashland WI
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  • 2.  RE: Inquiring about Bank Rec Module

    Posted 6 days ago

    1) Is the module called Bank Rec Module or does it go by a different name? I've been calling it that thinking that's what the component is?
    The module is called Bank Reconciliation.  Since the industry standard is Cash Management - occasionally you will here it referred to as that.  However, based on question 4 - you also want to implement Electronic Reconciliation - which is another piece.
    2) For those that use it, how much does the add on cost roughly?  And do you think it saves you a ton of time?

    With the current licensing structure, both Bank Reconciliation and Electronic Reconciliation are free.  Some choose to add third parties to make it even easier.  One we commonly implement is Easy EBank from EPT.  The time saved for implementing EPT for my most recent customer was going from 8-16 hours for their operating checkbook to 1-3 hours.
    3) Can you use the Bank Rec module for all bank recons? Or just the main checkbook you cut all your checks out of, and key in all your deposits?
    You can do bank reconciliation for every checkbook you have created in Great Plains.
    4)​​ What format do you have to import your bank statement in?
    BAI tends to be the standard, but many partners and third-parties can work with others.

    Hope this helps in your discover.



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    Heather Maneiro
    Implementation Consultant
    InterDyn Artis
    Charlotte NC
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  • 3.  RE: Inquiring about Bank Rec Module

    Posted 6 days ago
    ​Okay. So I've been trained to input manually all our deposits into GP either through Bank Transactions and Bank Deposits, which in turns creates receipts that gets recorded and put into Reconcile Bank Statement (financial\transactions\financial\reconcile bank statement). Currently it takes me 2 hours each week to record all deposits that have been deposited into our bank account, and then another 3-4 to do the actual bank recon in gp This means I click each box next to an a/p check that has cleared the bank, each deposit that has been hand recorded that made it into the bank that month, and each EFT that was recorded by our a/p person.

    I'm trying to gather information on how to cut down time on reconciling the bank statement.  So I'm trying to see if there's a way to take my bank statement, get it into a format that GP allows, and import it, so I don't have to spend time putting check marks in boxes in the Reconcile Bank Statement thing.

    I'm unfamiliar if I need an add on component (which I thought was called bank rec module), but I think the process I list above is actually what that is called or if there was something I should already have with in GP, but just haven't been trained on.

    I didn't realize there was options out there, and just wanted to make sure that I'm currently using GP to its full potential before we decide to purchase a component to help.

    Melissa

    ------------------------------
    Melissa Turngren
    Regional Enterprises, Inc.
    Ashland WI
    ------------------------------



  • 4.  RE: Inquiring about Bank Rec Module

    TOP CONTRIBUTOR
    Posted 5 days ago
    Edited by Jo deRuiter 5 days ago
      |   view attached
    Good Morning @Melissa Turngren


    There are a number of add-on software's that help with Bank Rec's in GP that are awesome, the one @Kim Peterson mentions is one of those that I like.  There re also options from a company called Nolan Business Solutions called Advanced Bank Rec in GP.

    However, you can "possibly" save money - depending on your needs by setting up some native GP Functionality called E-Reconcile wherein you get a file from your bank, tell GP how to read it and then upload that file to GP and it will read it and mark all "matching transactions" as cleared - it matches transactions on a few criteria and will give you a report of transactions it could not match.

    This functionality is part of the Electronic Banking Suite in GP.

    I'm attaching a manual on the Electronic Banking Suite for you, there are two sections to consider - how to set it up and how to use it.

    Caveat:  E-Reconcile may not be the correct solution, so you may want to discuss its use with your Partner or a trusted colleague here on GPUG who uses it.




    ------------------------------
    Kindest Regards,
    Jo deRuiter , MCP, DCP
    "That GP Red Head"
    AISLING DYNAMICS CONSULTING, LLC
    WEBSITE: https://aislingdynamics.com/
    BLOG: https://community.dynamics.com/gp/b/gplife
    GPUG Academy Instructor
    Dynamics GP Credentialing Council-Vice Chair
    770-906-4504 (Cell)

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    Attachment(s)

    pdf
    electronicbanking.pdf   2.04MB 1 version


  • 5.  RE: Inquiring about Bank Rec Module

    TOP CONTRIBUTOR
    Posted 6 days ago
    While doing your research, I'd also recommend checking out Encore's Bank Rec module - you'll want to work with the solution that is right for your needs and saves you time.  Bank Reconciliation Add-on for Microsoft Dynamics GP | Encore
    Encore Business Solutions remove preview
    Bank Reconciliation Add-on for Microsoft Dynamics GP | Encore
    Bank Reconciliation Tools includes either Account Reconciler or Auto Reconciler. They dramatically simplify the reconciliation process by allowing users to balance General Ledger accounts and checkbooks easily inside Microsoft Dynamics GP. Account Reconciler allows users to reconcile their bank statements-including multicurrency transactions-using the transactions that are posted to the checkbook's general ledger account.
    View this on Encore Business Solutions >


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    Kim Peterson
    218-862-5002
    Kim@DynamicsConnections.com
    #KimPetersonGP
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  • 6.  RE: Inquiring about Bank Rec Module

    TOP CONTRIBUTOR
    Posted 6 days ago
    Edited by Jo deRuiter 6 days ago
    Hi @Melissa Turngren

    1) Is the module called Bank Rec Module or does it go by a different name? I've been calling it that thinking that's what the component is?
    It is sometimes referred to as the Bank Rec Module but often is also referred to as the Cash Management Module as the Bank Rec is part of the functionality for Bank Transfers, Bank Transactions (outside of the other modules), and Deposits.

    2) For those that use it, how much does the add on cost roughly?  And do you think it saves you a ton of time?
    The Bank Module should be part of the cost you are already paying - there are few instances where you would pay any additional.  The costs you may incur would be your partner's hourly time to enable it in Registration or train you on it.   If you haven't been using it prior to now there are some tricks to doing your first reconciliation that you should get advice on before attempting it.

    3) Can you use the Bank Rec module for all bank recons? Or just the main checkbook you cut all your checks out of, and key in all your deposits?
    You can reconcile all transactions for all banks that you have set up in GP and are using to transact in GP.  If the transactions are outside of GP the module won't help you.  Additionally, all transactions in GP must originate in a sub-module or the Cash Management module - if you are entering cash transactions directly into your GL through the Financial General Entry it won't register in the Banking Module.  If you do enter those in GP there are other third party options to assist in reconciling in GP that WILL look at the GL

    4)​​ What format do you have to import your bank statement in?
    Your absolute best bet here is to get a file from your bank and to match it up in GP.  There is - 9 times out of 10 - the need to "tweak" the ereconcile setup in GP to match your bank's output exactly.

    Hope this helps!


    ------------------------------
    Kindest Regards,
    Jo deRuiter , MCP, DCP
    "That GP Red Head"
    AISLING DYNAMICS CONSULTING, LLC
    WEBSITE: https://aislingdynamics.com/
    BLOG: https://community.dynamics.com/gp/b/gplife
    GPUG Academy Instructor
    Dynamics GP Credentialing Council-Vice Chair
    770-906-4504 (Cell)

    ------------------------------