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[Alan Hyde]

We are planning a move from NAV 5 to NAV 2017.  We have never used the NAV bank reconciliation function.  Do users find the NAV bank reconciliation function helpful?  What are the factors to consider?

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Alan Hyde
Controller
National Azon
Troy MI
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[Ian Ray]

I consider it helpful.

This may be obvious, but the bank account reconciliation function assists in reconciling your book balance more frequently.

I would note that you can use either the “auto match” version of Bank Acc. Reconciliation or the “NA” (North American) version. Some people prefer the NA version. I greatly prefer the auto-match version. If you deal mostly in checks, the auto-match version may not be very useful. If you have many small transactions, auto-match is great.

A factor impeding doing bank reconciliation with NAV is if your bank account ledger entries don’t match up with your associated balance sheet accounts. I presented a webinar tangentially related to this recently, demonstrating “direct posting” as a common way that g/l and subsidiary ledgers can diverge
https://www.navug.com/viewdocument/direct-posting-and-specific-posting

I have crafted general journals before to insert the bank account ledger entries. It’s not very difficult, you just have to filter all of the general ledger entries associated with a particular bank account and post them to the bank account with the G/L account set as the balancing account. 

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Ian Ray
Cypress Grove
Arcata CA
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[Naveen Jain]

It helps you reconcile your bank statement with NAV. Very helpful.

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Naveen Jain
Director of IT
Symbex Companies
Santa Fe Springs CA
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[Andrew Rutledge]

Hi Alan,

The bank reconciliation function is very helpful and easy to use. We use it as part of our month-end close procedure. I’d strongly suggest implementing this once you upgrade.

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Andrew Rutledge
Staff Accountant
Marine Ingredients
Mount Bethel PA
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[Meenakshi Singh]

Hi Alan,

The bank reconciliation function is very helpful and easy to use. We use it almost every week to reconcile and the monthly to reconcile with the bank statements. I echo understanding it  & implementing it. You will find it very useful.

Good luck with the upgrade! 
Meenakshi

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Meenakshi Singh
Manager of Business Applications
Home Market Foods, Inc.
Norwood MA
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[Ruby Hunter]

Good Morning Meenakshi,
I would not think to use it on a weekly basis, May I ask how?
 

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Ruby Hunter
AP
Biofilm, Inc
Vista CA
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[Val Gameiro]

We use it to import a bank file, and do the bank recs that way. It took quite a bit of back and forth training the user, but then it really sped up the process.

He had been doing the manual bank rec before that (there are 2 ways of doing bank recs in NAV. One is manual, and the other you import the bank statement, and then you can have NAV match up some of the transactions automatically).

Definitely helpful.

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Val Gameiro
Senior NAV Analyst
BPL Plasma Inc.
Austin, Texas
NAVUG Austin Chapter Leader
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