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 bank statement and open item clearing suite automatically posts all bank statements and payment advice notes correctly, filling a bookable entry journal and reconciling your bank statements.

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.

VIDEO SERIES

How to install the Bank Automation Suite

Quickly implemented: See how quickly the Bank Automation Suite for Microsoft Dynamics 365 / AX can be installed.

Set up with a few clicks

In short: Set up the Bank Automation Suite for Microsoft Dynamics 365 / AX quickly and effectively with our video tutorial.

Daily Use

Reach your goal faster: In this video we show you how to complete your daily tasks with the Bank Automation Suite for Dynamics 365 / AX.

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.

Thanks to Inway's Bank Automation Suite, the time-consuming booking and clearing work is a thing of the past. Invoice numbers are automatically assigned to customers, cleared and booked. With Inway, we found a competent partner to automate our financial accounting processes.

Kerstin KΓΌnzl, Deputy Head of Finances, IVT GmbH & Co. KG - Member of WΓΌrth Group

Other references

Since 2008, the Bank Automation Suite has been successfully used by many customers. With a recognition rate of over 95%, your manual posting and clearing effort will be reduced enormously.
Save time and money

Eliminate manual reconciliation work and let your employees turn their attention to more advanced topics.

Avoiding mistakes

95% of all incoming payments are successfully allocated and reconciled.

Implement quickly

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.
ust 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?

 

 

A calculation example: 2 x 750 = 6

With 2 clients and approx. 750 invoices per client per week, the acquisition will pay for itself after only 6 months based on an hourly wage of 20 Euro.

What does the Bank Automation Suite cost?

On Premise

The Bank Automation Suite lifetime license fee for the on premise versions of Dynamics 365 / AX costs 14.900 β‚¬.

For each additional client 1.800 € are added.

Cloud costs of Bank Automation Suite Inway
Cloud

The subscription of the cloud version of Dynamics 365 costs 497 € per month.

For each additional client 63 € per month are added.

Bank Automation Suite free trial Inway Systems
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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

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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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