Configuring Bank Accounts

Modified on Sat, 20 Jul at 10:26 AM

Cash Management in Microsoft Dynamics NAV is used to manage your company's bank accounts. One of the main features of Cash Management is the Bank Account Card, which contains all your company's bank details. On the Bank Account Card, you can perform the following:

Processing payments received from customers
Processing payments to vendors
Voiding posted checks (referred to as financial voiding)

Bank Account Overview

For each transaction made in NAV using a bank account, the system will post an entry in the bank account ledger.

The bank account posting group assigned to each bank account enables the program to post the related G/L entries with the transaction.

In addition, if you make a manual or computer check payments, the system posts an entry to the check ledger to record the check transaction and the current status of the check.

Each bank account has its own card that contains information, such as the following:

Name, address, and contact information
Account numbers
Posting specifications
International banking
Wire transfers

Bank Account Page

To access the Bank Accounts page:

In the Search field, type Bank Accounts and select the page from the drop-down list. Or, navigate to Departments > Financial Management > Cash Management > Lists > Bank Accounts.
The Bank Accounts page displays.
Double-click on the bank account to see the Bank Account card.

General FastTab

The General FastTab contains all the general information about the bank where the account is held such as the:

Name
Address
Main contact person at the bank
Search name

In addition to this information, the General FastTab includes the following fields:

Field	Description
No.	A unique identifier to represent the bank account. This field is not used to specify the bank account number.
Bank Code	The bank code.
Bank Branch No.	The alphanumeric code used to represent the bank branch number for the bank account. All banks have a number series that specifies the branch of the bank the account was opened.
Bank Account No.	The bank account number that is used by the bank.
Balance and Balance (LCY)	These fields are flow fields that calculate the current bank balance based on the bank ledger entries.
Min. Balance	The minimum balance the bank account can have. The amount is in the currency of the bank account and can be positive or negative.
Our Contact Code	The contact person in your company, responsible for the bank account. In the program, this must be someone set up in the Salespeople/ Purchasers page.
Blocked	If selected, prevents the bank account from being used in transactions.

Communication FastTab

The Communication FastTab contains the following information:

Telephone and fax numbers
E-mail
Home page addresses for the bank

Posting FastTab

The Posting FastTab contains the following fields:

Field	Description
Currency Code	The currency for the bank account. Be aware that check can only be made for payments in the currency of the bank account. If the Currency Code field of a bank account is blank, check payments can be made only in local currency (LCY) for that account. If a currency code is selected in this field, only use this bank account to receive and make payments in the currency selected in this field. If a Currency Code is not selected, you can receive payments by using any currency including LYC. Non-check payments can use any currency including LYC. You can only make check payments in LCY.
Last Check No.	If using checks, specify the last check number that is used. The program updates this number every time a new check is created.
Last Remittance Advice No.	This field is used to setup Remittance Advice number sequence. Enter the starting point for the serial number to be used as the Remittance Advice document number. This number will be used to populate the Bank Ledger and check Ledger entries.
PAP Last Remittance Advice No.	Enter the starting point for the serial number to be used as the Pre-authorized Payment Remittance Advice document number. (This field is used to setup PAP Remittance Advice number sequence and will be used to populate the Bank Ledger and check Ledger entries.)
DLP Last Remittance Advice No.	Enter the starting point for the serial number to be used as the Deferred Leave Plan Remittance Advice document number. (This field is used to setup DLP Remittance Advice number sequence and will be used to populate the Bank Ledger and check Ledger entries.)
Last Statement No.	The statement number of the last Bank Account Statement reconciled in the program.
Last Payment Statement No.	Specifies the last payment statement number.
Balance Last Statement	The statement ending balance of the last Bank Account Statement reconciled in the program.
Bank Communication	Specifies the language used to commnicate with your bank. This field should be always English.
Check Date Format	The format to be used on the checks. For example, MM DD YYYY.
Check Date Separator	Code to separate the date on a check (normally ‘blank’) – normally ‘-‘ – Canadian check standards.
Bank Acc. Posting Group	The posting group assigned to this bank account. Microsoft Dynamics NAV 2016 uses this to post the related G/L entries for each transaction by using the bank account.
Match Tolerance Type	Determines the type of matching tolerance used. Either Percentage or Amount.
Match Tolerance Value	When using match tolerance, this value determines the the system will match transactions that are within a certain tolerance.
Check Style	Either Regular or Pre-printed.
Print Company Logo	Add a checkmark to this check box to include your company logo.
Signature 1	The signature of the first signing authority.
Signature 1 Max Amount	The maximum amount for the first signing authority.
Signature 2	The signature of the second signing authority.
Signature 2 Max Amount	The maximum amount for the second signing authority.

Transfer FastTab

The Transfer FastTab contains the following fields needed to make transfers to and from the bank account:

Field	Description
Bank Branch No.	Defaults from the General FastTab.
Bank Account No.	Defaults from the General FastTab.
Transit No.	Defaults from the Posting FastTab
SWIFT Code	The international bank identifier code assigned to the bank. SWIFT Codes are typically used in automatic payment transactions.
IBAN	The bank account's International Bank Account Number (IBAN). The program checks whether the IBAN entered has the correct format and length.

Bank Account Card Ribbon

The Bank Account Card includes the following options on the ribbon:

Option	Description
Cash Receipt Journal	Use to register and post payments from customers.
Payment Journals	Use to register and post payments to vendors.
Statistics	Displays the current balance for the account in the bank account currency and LCY and comparative figures from prior periods.
Statements	Displays the reconciled Bank Account Statements for this bank account.
Bank Account Reconciliation	Displays the Bank Acc. Reconciliation list, which is described later.
List	Displays a list of all bank accounts in the system.
Detail Trial Balance	Displays options to print a detail trial balance for bank accounts.
Check Details	Displays options to print a detailed trial balance for selected checks.
Statistics	Same function as on Ribbon.
Comments	Displays or enters any detailed comments that relates to this bank account.
Dimensions	Displays or enters default dimensions for this bank account.
Balance	Displays the Bank Account Balance page; it shows the balance or net change in the bank account in the bank account currency and LCY over time.
Statements	Same function as on the Ribbon.
Ledger Entries	Displays bank account ledger entries for this bank account.
Check Ledger Entries	Displays only the check ledger entries for this bank account. Use this option to financially void checks, as described in Financially Voiding Checks.
Contact	Displays the company contact card for this bank account. When creating a new bank account, the system also creates and links a Company contact card to the bank account.
Online Map	Displays information about what map to display in the online map. The online map is set up in the Online Map Parameter Setup page.

Creating a Bank Account

To create a bank account, follow these steps:

Go to Departments > Financial Management > Cash Management > Bank Accounts > New.
In the No. field, enter a unique identifier for the bank account.
In the Name field, enter the name of the bank.
In the Address field, enter the address of the bank.
In the Post Code field, click the drop-down list and select the bank account's postal code. The City field should be automatically populated.
In the Country/Region Code field, click the drop-down list and select the country/region where the bank account is located.
In the Phone No. field, enter the bank's telephone number.
In the Contact field, enter the name of the contact person in the bank.
In the Bank Branch No. field, enter the bank's branch number.
In the Bank Account No. field, enter the bank account number.
In the Our Contact Code field, click the drop-down list and select the person responsible in the company.
On the Communication FastTab, complete the information in the fields.
In the Currency Code field, click the drop-down list and select the bank account's currency.
Complete the Last Check No., Last Statement No., and Balance Last Statement fields.
In the Bank Account Posting Group field, click the drop-down list and select the appropriate posting group for this bank.
Complete the Transit No., SWIFT Code, and IBAN fields.
Click OK.

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