Apply payments automatically and reconciling bank accounts

You must regularly reconcile your bank, receivables, and payables accounts by applying payments recorded in the bank to their related open (unpaid) invoices and credit memos or other open entries in Business Central.

You can perform this task on the Payment Reconciliation Journal page, for example, by importing a bank statement file or feed to quickly register the payments. Payments are applied to open customer or vendor ledger entries based on matches between payment text and entry information. You can review and change automatic applications before you post the journal. You can choose to close any open bank account ledger entries related to the applied ledger entries when you post the journal. The bank account is automatically reconciled when all payments are applied.

On the Payment Application Rules page, you can set up prioritized rules that govern how payment text is automatically matched with entry information.

You can also reconcile bank accounts without simultaneously applying payments. You perform this work on the Bank Acc. Reconciliation page. For more information, see Reconcile Bank Accounts.

To import bank statements as a bank feed, you must first set up and enable the Envestnet Yodlee Bank Feed service, and then link your bank accounts to the related online bank accounts. For more information, see set up the Envestnet Yodlee bank feeds service.

Alternatively, you can use the AMC Banking 365 Fundamentals extension to convert a bank statement file, from any format, to a data stream that you can import into Business Central. For more information, see use the AMC banking 365 fundamentals extension.

The following table describes a sequence of tasks, with links to the articles that describe them.

Related information

Reconcile Bank Accounts
Managing Receivables
Sales
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