Introduction to setting up payment for reconciliation journals
You can regularly reconcile your bank, receivables, and payables accounts by applying payments that are recorded in the bank to their related, unpaid invoices and credit memos or other open entries in Dynamics 365 Business Central.
You can perform this task on the Payment Reconciliation Journal page 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 that are related to the applied ledger entries when you post the journal. The bank account is automatically reconciled when all payments are applied.
A payment reconciliation journal is related to one bank account in Business Central that reflects the online bank account where the payment transactions are recorded. Any open bank account ledger entries that are related to the applied customer or vendor ledger entries will be closed when you select the Post Payments and Reconcile Bank Account action. The result of this action means that the bank account is automatically reconciled for payments that you post with the journal.
Set up payment reconciliation journals
You can use a payment reconciliation journal for each payment bank account. There is no direct access to the Payment Bank Account list. To access the payment bank accounts, follow these steps:
Select the Search for Page icon in the top-right corner of the page, enter Payment Reconciliation Journals, and then select the related link.
In the action menu, select Bank > List of Bank Accounts.
Select the first line and then select Manage, Edit.
The program now displays the payment bank account card, which is a simplified version of the general bank account card.
Specifically, for payment reconciliation journals, you can enter the following fields:
Match Tolerance Type - Specifies if the automatic payment application function will apply the Amount Incl. Tolerance Matched rule by Percentage or Amount.
Match Tolerance Value - Specifies by which tolerance the automatic payment application function will apply the Amount Incl. Tolerance Matched rule for this bank account.
Bank Statement Import Format - Specifies the format of the bank statement file that can be imported into this bank account.
You can also enter these fields on the bank account card.
If you want to process payment reconciliation journals for a specific bank, make sure that a bank account for that bank exists.