Updated: Aug 4, 2021
A key functionality of Microsoft Dynamics NAV is the ability to link bank accounts within the software. This is the first step that needs to be taken if you want to do electronic banking.
We begin to add a bank account by navigating to Departments -> Financial Management -> Cash Management -> Bank Accounts
A list of existing Bank Accounts will open. Double-click on a row to open the Bank Account Card to view or edit details regarding a Bank Account. Click New on the ribbon to enter a new Bank Account:
Note: when setting up new records, select "Show More Fields" to ensure that all fields needing to be populated are visible.
No.: Enter the Bank Account number. (Manual numbering enabled by default)
Name: Enter the Bank Account name.
Bank Account No: Optional
Blocked: Check this field to prevent this Bank Account from being used. This is recommended when a bank account is closed so that transactional history remains available.
Check Date Format: Required.
Check Date Separator: Required.
Currency Code: leave blank unless this Bank Account holds a currency other than US Dollars.
Last Check No.: Enter the last check number that was printed. The system will use this value to determine the next available check number when generating computer checks via the Payment Journal.
Bank Acc. Posting Group: Required. This is used to link this "Bank Account" with a specific "G/L Account". It is recommended that a Bank Account Posting Group be set up for each Bank Account No. It is also recommended that the "Direct Posting" flag be set to No for the G/L Account associated with any Bank Account and that this G/L Account not be used by any other posting group. This will ensure that the Bank Account and G/L Account balances are always fully reconciled.
Click OK when finished.
There are many additional fields available that relate to electronic banking. A separate training document and/or training session will be provided if electronic banking is to be deployed.
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