Discover Extended Banking’s Release 5.4.0: New Transaction Matching Capabilities

Extended Banking, our solution for processing digital bank statements in Dynamics 365 Finance, is constantly evolving and we regularly release new ones. With each update, we strive to make financial administration smoother and more efficient. Extended Banking customers will receive the detailed release note by e-mail and we will explain a few important functionalities via this blog.

Release 5.4.0: What’s new?

This latest version offers, among other things, two significant improvements: ‘Amount Distributions’ and ‘Parking of Bank Statement Transactions’. These features are designed to give Finance Managers and administrative staff working with Dynamics 365 Finance a more powerful tool.

Refined ‘Amount Distributions’

When processing your bank statements, you sometimes come across transactions that require more than a standard entry. For example, if you are dealing with bank transactions that have been charged extra costs or fees, a single journal line is not enough. The same applies to debiting residual amounts or processing overpayments properly; such situations require more detailed processing. Extended Banking’s new ‘Amount Distributions’ feature helps you automatically create additional match journal lines.

This handy tool will help you to:

  • Accurately process transactions with additional costs or fees.
  • Balance amounts to be correctly debited.
  • Process overpayments efficiently.
  • Manage any other situation that requires additional bookings.

With this automation, you not only save time, but you also ensure accurate and compliant accounting. With the push of a button, you can easily create extra journal lines. This reduces the need for manual entry, saving you time and reducing the chance of errors.

It is even possible to have the extra journal lines created during automatic transaction matching! Flexible templates allow you to create processing rules that are specifically tailored to your needs. These are then automatically applied during the transaction matching process using a new type of search value. This provides a new layer of customization and precision in bank statement processing.

‘Parking Transactions’ for better timing

A common challenge when processing bank statements is dealing with transactions that are already on the statement, but for which the invoices they are intended for are not yet available for settlement in Dynamics 365.

With the new parking feature, users can set these transactions aside and have them re-entered the transaction matching later. This eliminates obtaining the ‘Match Failed’ status over and over again and therefore allows for smoother reconciliation of such transactions.

Setting the ‘parking period’ is easy. Users can choose a specific date and time when resetting a transaction or specify how many days the transaction should be delayed. After the set period has passed, the system will rematch the trade, often resulting in a successful reconciliation.

Benefits of this update

These new features of Release 5.4.0 are designed to reduce the complexity of financial processes, improve accuracy, and increase efficiency. By automating previously time-consuming tasks, you can focus on other crucial aspects of your work.

The ‘Amount Distributions’ feature helps you to efficiently and easily create additional journal lines, which are essential for proper financial reporting and compliance.

The ‘Parking of Transactions’ allows you to change the timing for matching certain transactions so that they do not repeatedly get a ‘Matching failed’ status. This leads to streamlined processing of, for example, monthly recurring supplier direct debits.

Introducing Extended Banking

Are you curious about the benefits of Extended Banking and the new features of Release 5.4.0 for your ERP System Microsoft Dynamics 365 Finance (F&O)? Please do not hesitate to contact us. Our team is ready to provide you with all the information and help you optimize your financial administration.

Extended Banking -  New Transaction Matching Capabilities

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