Working with Payment Reconciliation Journals

You must regularly reconcile your bank, receivables and payables accounts by applying payments recorded in the bank to their related open (unpaid) invoices and credit memos or other open entries in Garage Hive. You can do this on the Payment Reconciliation Journal page, for example, by importing a bank statement file to register the payments quickly.

The following are the supported bank statement formats:

Bank Statements Bank Statements (Cont’d)
- AIB Business - HSBC
- AIB Personal - ICON
- American Express - Lloyds
- Bank of Ireland - NatWest Bankline
- Barclaycard - NatWest Online Banking
- Barclays - PLEO
- HBOS - Santander
- starling - DEXT
- Generic - Metro
- Monzo - NetBank

If the bank statement format you need is not listed above, you can use the Generic method, to import your statement as follows:

  1. To import data using the Generic method, the file must be formatted with three specific columns: Date, Description, and Amount, and save it in CSV file format. Here is an example:

    Date (dd/mm/yyyy) Description Amount (Positive - Money In, or Negative - Money Out)
    01/03/2024 Customer Invoice #001 Payment 450
    02/03/2024 Auto Parts Supply - Euro Car Parts -200
    03/03/2024 Utility Bill - Electricity -120
    04/03/2024 Sale of Used Car 5000
  2. After your bank statement file is prepared, search for the Payment Reconciliation Journal page and choose Custom Import Transactions followed by Generic.

  3. Once the import window pops up, choose your file to import it. The data will be imported automatically.

You can also reconcile bank accounts without simultaneously applying payments on the Bank Acc. Reconciliation page.
The following is a list of tasks involved in working with payment reconciliation journals, alongside links to topics that describe them:

  1. Reconcile payments using the automatic application.
  2. Review or apply payments after automatic application.
  3. Reconcile payments that cannot be applied automatically.
  4. Map text on recurring payments to accounts for automatic reconciliation.

See Also

Video: How to perform a Payment Reconciliation Journal in Microsoft Dynamics Business Central