Armanino Blog
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Dynamics GP Fixed Assets Depreciation and Reporting

January 12, 2012

Dynamics AX has great electronic banking features, similar to those we illustrated in our last newsletter for Dynamics GP. Make the most of your AX configuration and save time with the following features:

Electronic Bank Reconciliation - Standard Bank functionality in AX2009 provides a form for a user to manually enter the transaction line items from a bank account statement to reconcile the bank account transactions and balances with the accounting system. These would include checks, deposits, wires, fees, interest charges, credit card payments, NSF feeds, etc. The Electronic Bank reconciliation module provides a user-friendly mapping tool that supports multi-company, multi-currency, and multi-bank account environments, with many predefined bank transaction formats that can be used to import your bank statement with advanced transaction mapping logic. Additionally, automation takes the bank transaction import and automatically generates the GL journal (interest, bank charges, etc.). The end result is a highly efficient process of reconciling the bank account balances with the accounting system.

Lockbox Processing - When receiving customer payments, the standard process in Dynamics AX is to create an AR payment journal with the respective line items to post the AR cash receipts. For companies who utilize third party lockbox processing services to manage their cash receipts, this module provides functionality to efficiently manage the automatic posting of those transactions.

By importing a lockbox file from your bank or an Excel template, Lockbox Processing reads the file and automatically creates the AR payment journals with automatic or manual posting and settlements processes. This module provides a front end tool for integrating with your lockbox processor and efficient management of any unsettled transactions.

Positive Pay - Positive Pay (aka SafePay) is a way to protect your company from check fraud. It is the preferred method to reduce your exposure to unauthorized paper checks. A Positive Pay file listing all the checks that you have printed and distributed is transmitted to your bank, which can include Accounts Payable and Payroll checks. The bank adds that list to their master list, which it uses to verify any check that is presented for payment. This solution supports multiple communications formats as defined by the respective banks. With more than 45 prepackaged bank transaction sets including Bank of America, Wells Fargo, Citibank, HSBC, Mellon Bank, Wachovia, JP Morgan Chase, and Suntrust, this solution can be deployed quick to ensure protection from check fraud right away.

EFT Plus - Dynamics AX provides basic functionality for Electronic Funds Transfer (EFT) payments processing and performs validations against the vendor bank account information when electronic payment methods are used.

With EFT Plus, Dynamics AX customers can get extended features including simplified user setup, easy bank file configurations, support for balanced and unbalanced files, email remittance - standard and custom formats, pre-notification support, support for Federal and State Tax payments, streamlined upload process to banks, archiving of uploaded files, payment approval security, account change security and support for Purchase Card systems. On the AR side, you can create an invoice for your customer then send an ACH transaction to pull money from their account and deposit it in yours to pay that invoice. This, of course, requires prior agreement with your customer.

To learn more about these electronic banking add-ons for Dynamics AX, please contact John Van Metre

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