EFFICIENTLY BALANCING BANK STATEMENTS IN DYNAMICS 365 / AX
THE AUTOMATIC BANK AND OPEN ITEMS CLEARING CLEARS BANK STATEMENTS AND PAYMENT ADVICE NOTES AUTOMATICALLY AGAINST OPEN ITEMS
The challenge
Companies create a large number of orders and invoices every week. All incoming payments and bank statement items need to be cleared manually and, if necessary, reconciled with payment advice notes. For the employees in the financial accounting department, this is time-intensive work every day not be underestimated. Furthermore, clearing open items is a monotonous and therefore highly error-prone activity.
The solution
The Bank Automation Suite is an add-on for Microsoft Dynamics AX and Microsoft Dynamics 365 developed by Inway Systems and has been successfully used by customers for over 10 years. Using key fields such as transfer subject, customer/supplier number, business transaction code and amount, etc., the add-on finds open items independently and reliably. Once installed, this self-learning add-on saves you time, work and money.
How the Bank Automation Suite works:
- Bank statements are read in the traditional formats MT940, CAMT.053, BAI2 and formats from other payment service providers such as Paypal.
- Open items are cleared with a 95% hit rate.
- Recurring postings or debit memos, such as rent, are posted directly to the G/L accounts.
- Intercompany postings are carried out for group-wide clearing. Cross-client processing of account statements and cross-client clearing can be carried out automatically as well.
Versions history
We take our customers' needs seriously. That's why we are constantly developing our Bank Automation Suite - with and, above all, for our customers. Would you like to get an overview of how our Bank Automation Suite has developed over the last few years? Then simply download our version history.
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Grünbeck Wasseraufbereitung GmbH selected and got to know Inway Systems GmbH as a competent partner for the cash and bank management module while implementing the Microsoft Dynamics 365 FO ERP system.
The Bank Automation Suite enables the efficient processing of account statements and payment advice notes. For example, the Bank Automation Suite add-on from Inway Systems GmbH can import PDF format payment notifications and formulate a variety of specific recognition rules for automated reconciliation and posting of account statements in D365 FO.
The Inway D365 module, combined with Inway Systems GmbH’s direct, expert and goal-oriented cooperation, was the baseline for the increase in efficiency in the cash and bank management process of Grünbeck Wasseraufbereitung GmbH with Microsoft Dynamics 365.
Eliminate manual reconciliation work and let your employees turn their attention to more advanced topics.
95% of all incoming payments are successfully allocated and reconciled.
Implementation can be done within a few days with little effort.
Bank Automation Suite is a Microsoft Preferred Solution
Our Bank Automation Suite is also available in the Microsoft AppSource . The add-on has been awarded as Microsoft Preferred Solution by Microsoft experts.
Will the Bank Automation Suite pay off in my company?
Find out:
With our ROI calculator.
Just enter three things into our Excel-based ROI calculator:
1. How many invoices do you process per week?
2. How many clients do you have?
3. What is the hourly wage in your accounting department?
- For the On-premise version of the Bank Automation Suite there are one-time license costs; price on request.
- The annual maintenance is 17% of the list price.
- One-time costs are added for each additional client.
- For the cloud version of the Bank Automation Suite, you sign up for a subscription with a cost of 553,00 € per month.
- The subscription can be cancelled annually.
- For each additional client, 71,00 € per month is added.
- For the cloud version of the Bank Automation Suite, you sign up for a subscription with a cost of 663,60 € per month.
- The subscription can be cancelled on a monthly basis.
- For each additional client, 85,20 € per month is added.
FAQs
- Which payment methods and bank formats are available in the standard system?
- How does the system import banking files?
- Are intercompany or cross-client settlements possible?
- How does the booking procedure work?
- How do amount recognition and allocation work?
- How high is the matching rate?
- Can payment advice notes be balanced?
- What are the technical requirements?
- How complex is the installation and set-up process?
- I already have a Dynamics partner. Do I now need to engage an additional Dynamics partner with Inway?
- In which languages is the Bank Automation Suite available?
1. Which payment methods and bank formats are available in the standard system?
The standard system already includes numerous payment methods to be read in, such as:
- Bank transfer
- Instant bank transfer
- Direct debit
- Prepayment
- Invoice
- PayPal
It also includes the most common bank formats worldwide:
- MT940
- CAMT.053
- BAI2
Also, payment service providers cannot be missing:
- PayPal
- Amazon Pay
2. How does the system import banking files?
The bank statements are read in manually, or an entire directory gets imported using a file connector.
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3. Are intercompany or cross-client settlements possible?
Yes, cross-client settlements are possible. Open items are also searched and cleared for other clients.
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4. How does the booking procedure work?
For each account statement imported, one entry journal gets filled. The Bank Automation Suite prepares the journal automatically and thus creates a booking proposal that can be changed. The actual posting remains your responsibility. Posting is only possible if the bank statement amount for all lines matches the amount in the entry line. Once you accept the booking proposal, the bank reconciliation starts.
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5. How do amount recognition and allocation work?
Using defined recognition rules, the Bank Automation Suite searches for open items independently and reliably, and all rules are processed serially. After a match is recognised (e.g. customer number, invoice number, transfer subject, amount), the Bank Automation Suite creates an entry and jumps to the next bank statement line for further processing.
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6. How high is the matching rate?
The Bank Automation Suite achieves a matching rate of 95%. Each bank statement recognition results in statistics and graphical representation of the number of matches recognised and of successful recognition rules. They enable continuous improvement and maintenance of your recognition rules.
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7. Can payment advice notes be balanced?
By assigning open items per payment advice note to a total payment (1:n), lengthy clearing work gets eliminated. In the standard system, payment advice notes may be read in as pdf, csv or ISR formats. Other formats may be set up at any time, requiring an approx. effort of 1 person day per format.
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8. What are the technical requirements?
You require Microsoft Dynamics AX2009, Microsoft Dynamics AX2012 or Microsoft Dynamics 365 Finance. For AX2009 and AX2012, the Bank Automation Suite was developed with minimal impact on standard projects and is available as a separate model. For Dynamics 365, this add-on is update proof due to the simple installation as an extension.
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9. How complex is the installation and set-up process?
The installation of Dynamics 365 takes about 4 hours. Additionally, approx. 4 hours are necessary for set-up and training.
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