Bank reconciliation is a critical task for businesses, ensuring that the transactions recorded in their accounting system match those in their bank statements. However, this process can often be time-consuming and prone to errors.
Enter Copilot in Microsoft Dynamics 365 Business Central, an AI-powered assistant designed to make bank reconciliation more efficient and accurate.
See it in action here: https://youtu.be/4Te11l2BxmQ?si=o0m7KFm3kdhILYNI
What is Bank Reconciliation Assist?
Bank reconciliation assist is a set of features within Business Central that leverages AI to help you reconcile bank accounts. This tool offers two main functionalities:
- Improved Matching of Transactions with Ledger Entries: Traditionally, the automatch feature in Business Central matches most bank transactions with ledger entries. However, it can leave many transactions unmatched, requiring manual intervention. Copilot enhances this process by using AI to inspect unmatched transactions and identify more matches based on dates, amounts, and descriptions. For instance, if a customer pays multiple invoices in one lump sum, Copilot can reconcile the single bank statement line with multiple invoice ledger entries.
- Suggested General Ledger (G/L) Accounts: For transactions that cannot be matched to any ledger entries, Copilot compares the transaction descriptions with G/L account names and suggests the most likely accounts to post to. For example, if a transaction description reads “Fuel Stop 24,” Copilot might suggest posting it to the Transportation account.
How to Use Copilot for Bank Reconciliation
You can use Copilot in two ways:
- Starting a New Reconciliation: Initiate a new reconciliation directly from the Bank Account Reconciliations list.
- Working on an Existing Reconciliation: Apply Copilot to a new or existing reconciliation on a Bank Account reconciliation card.
Prerequisites
To use bank account reconciliation assist, ensure the following:
- The feature is activated by an administrator.
- The bank accounts in Business Central are linked to an online bank account or set up with a bank statement import format.
- You are familiar with the bank account reconciliation process in Business Central.
Conclusion
By integrating AI-powered features into the bank reconciliation process, Copilot in Microsoft Dynamics 365 Business Central significantly reduces manual effort and enhances accuracy. This not only saves time but also ensures that your financial records are up-to-date and reliable. Embrace the future of accounting with Copilot and streamline your bank reconciliation tasks today!
Check out our blog page here for more information and other topics of interest, or drop us a line at info@innovia.com.